Ten years have passed since the Great Recession. During that period from December 2007 to June 2009, we saw unemployment rise from 5 percent to 9.5 percent. African Americans and Hispanics were disproportionately impacted by high unemployment. The resulting housing bust that came along with the Great Recession has had a substantial impact on consumers’ ability to move from city to city.

At Branded, we were curious if our users feel like they have bounced back from the Great Recession over the past 10 years. We conducted a poll asking if users feel that they have financially recovered from the Recession on July 28, 2018 and 16,181 users responded.  

Of users who indicated that they were financially impacted by the Recession, 59 percent say they have not fully recovered. African Americans and Hispanics, who were hardest hit by unemployment, are more likely to say they have no fully recovered financially. Approximately 67 percent of African Americans and 66 percent of Hispanics say they have not fully recovered from the Great Recession.

Among African Americans, older users are most likely to say they have not recovered from the Great Recession. About 86 percent of Silent Generation African Americans (age 70+) say they have not fully recovered, followed by 68 percent of Gen X (age 39-50), 66 percent of Baby Boomers (age 51-69) and 66 percent of Millennials (age 22-38).

The Great Recession’s impact on personal finances and housing has severely limited consumers’ ability to move from one neighborhood to another. With the Recession now long over, we were curious if our users would move from their current neighborhood if given the opportunity.

Overall, many of our users are interested in moving. Approximately 44 percent said they would definitely move if given the opportunity and 36 percent said they might move if given the chance. Only 1 in 5 users said they are not interested in moving from their current neighborhood.

Digging deeper into the data, we observed that African American and Hispanic users are more likely to express interest in moving from their current neighborhood. Roughly 56 percent of African Americans and 54 percent of Hispanics say they would like to move to a new community.

Among African Americans, younger users are most likely to say they would like to move to a different neighborhood if given the opportunity. Younger users are less likely to be homeowners and less likely to have established roots in a community the way older users likely have. Roughly 62 percent of African American Millennials and 59 percent of African American Gen X users indicate they would like to move compared to 48 percent of Boomers and 18 percent of Silent Generation.