Relocation: The New Trend During the Pandemic?
Ok, so its been a hot minute since I last blogged (or even thought about blogging), so I decided to take a look around and see if there was any interesting news. To my surprise there is! Lots of it. Sorry folks, I've been on a bit of a vacation... so..
One article I came across is from Yahoo! Finance about a new trend in remote working is planning to relocate. This seems odd to me, but for 23 million Americans, it seems a viable option.
According to the report:
Upwork (Nasdaq: UPWK), the world's largest work marketplace, today released a new "Remote Workers on the Move" report, from Chief Economist, Adam Ozimek. Utilizing survey data from over 20,000 Americans, the report reveals that between 14-23 million of U.S. households intend to move in many cases out of major cities and into less expensive housing markets. The data shows this emerging migration pattern is the result of growing acceptance of remote work amid the pandemic.
The report also suggests that a shift to remote work is three to four times rate than any seen before and 6.9% to 11.5% plan to move based on this trend.
The report also lists other findings:
Remote work will increase migration in the U.S
Major cities will see the biggest out-migration
People are seeking less expensive housing
People are moving beyond regular commute distances
Housing market data confirms that the highest priced markets are taking the biggest hits
This is HUGE based on the current job climate in the US. If you're considering a move based on your remote work strategy, visit the article Upwork Report Finds Up to 23 Million Americans Plan to Relocate Amid Rising Remote Work Trends for more details.