Since the housing and financial crisis and subsequent recession, the U.S. Census Bureau reports that state-to-state movement in the U.S. (on a % basis) has been about as low as it ever has been. One reason for that, many economists believe, is the fact that there were fewer places to move to that had stronger economic growth that often drives migration. But another important factor has been the phenomenon of "housing lock."

Some claim that today’s persistent high unemployment is due in significant part to geographic immobility—in particular that because the bursting of the housing bubble has left many homeowners underwater on their mortgages, workers are more tied to their homes than in prior downturns, and in the event of job loss are less able to move to places where there are jobs. Could "housing lock" account for a significant portion of the high unemployment in the aftermath of the Great Recession?

On the other hand, home owners with large mortgages can be subject to negative equity problems resulting in significant housing lock-in effects.