High housing costs are one reason behind the ‘Great Resignation’ — here’s where workers want to move

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Forget greener pastures – it seems that workers are looking for cheap pastures.

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For months now, much has been made about the huge wave of workers leaving existing jobs and finding new ones. Some industries, such as technology, seem to be more affected by this trend. Research suggests that upheaval may be concentrated among the youngest workers, at least so far, given that they are more easily able to cope with the stresses associated with changing jobs.

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To the extent that the “great resignation” may continue into 2022, there may be a major driving force behind the pattern: higher living costs. A new report from Coldwell Bankers Real Estate LLC RLGY,
+2.51%
found that 41% of employed Americans will take a pay cut or accept a lower-paying job so that they can move to an area that is more affordable.

As for where workers were most willing to relocate, some metro areas across the country are poised to benefit more from the trend than others. Miami and Austin, Texas, were the two most popular destinations. Meanwhile, nearly half of employed Americans living in the Northeast and West suggested they would make a trade-off between their salary and the cost of living.

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Specifically, Coldwell Banker reported differences in preferences based on respondent’s gender, race, and parental status. For example, black Americans were most interested in relocating to Atlanta. Portland, Ore., and Charlotte, N.C., were more popular with women than men. And workers with children cited Dallas-Ft. Worth along with Miami and Austin as a desirable destination.

‘Americans still prioritizing homeownership’

Younger workers were more likely to relocate. More than half of employed people between the ages of 18 and 34 said they would trade lower wages for a more affordable living, and the same is true for 47% of workers between the ages of 35 and 44. The study was based on a survey of more than 2,000 adults, conducted online by The Harris Poll.

Growing families may be one factor behind which youth workers are more willing to consider a move. Coldwell Banker – who clearly has a vested interest in home move-and-buyers – reported that 57% of young homeowners said their housing needs were changing as their family was getting older, in February of these individuals. From above 50%.

“Young adults no longer feel obligated to live in the same city, even if it means taking a lower salary in exchange for living in a more affordable location,” said M. Ryan Gorman, President and CEO of Coldwell Banker Real Estate. report good. “Young people may redefine the American dream, but one thing is clear: Americans are still prioritizing homeownership.”

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