Debbie Rule Of Thumb: Every residential move ends up costing $20k in indirect out-of-pocket costs ...probably closer to $50k for upper middle class.
https://fortune.com/2022/12/08/pandemic-homebuyers-regret-buying-house/
"Of those who changed addresses in the last two and a half years, 44% reported that they now regret moving to their current home."
44% is a lot of regret! And going to probably be there for a bit with no ease in sight for interest rates.
And they are stuck in that house when the prices drop --unless they have cash to bring to closing. Just a 10% price drop plus a 5% agent commission would be seriously painful on even a median-priced ($440,000) home now. AFAIK, there's no way to rollover their upside-down mortgage like vehicle purchases.
"All told, 8% of mortgages taken out this year are underwater — about one in 12 homes purchased in 2022."
"The situation is much worse for homebuyers who purchased with government-backed mortgages, with 25% of those buyers this year now underwater"
As U.S. home prices fall, an alarming number of buyers are underwater - CBS News
https://www.cbsnews.com/news/home-prices-underwater-mortgage/