Using detailed credit and employment data for the United States, we estimate the effect of mortgage debt on labor mobility. We find a robust negative relationship between the loan-to-value ratio (LTV) of the primary residence and labor mobility. Individuals with negative home equity are 3.6 percentage points less likely to move in a year. This effect is stronger for sub-prime and liquidity-constrained borrowers. We also find that diminished labor mobility owing to higher LTVs depresses labor income growth, especially for individuals with less access to liquidity and a longer tenure in their current job. Consistent with a housing-lock explanation, we find that individuals with higher LTVs have higher intra-ZIP code job mobility. Overall we document significant spillover from the housing market to the labor market.