Suddenly, Wealthy Americans Are on the Move Too

Between April 2020 and April 2021, 16% of American workers moved. That is the first increase in over a decade. In fact, the number of people who change residence each year had been declining since the mid-1980s.

Over the last decade, households earning over $150,000 were the least likely to move, according to Apartment List. In 2010 the Census Bureau’s mover rate was 27% among workers living in households earning less than $25,000. For households earning $150,000 or more, it was only 9%.

But during COVID, those households posted the largest jump in residential migration.

Remote workers drove this trend. They were 53% more likely to move than on-site workers over the past year.

Another factor driving the migration is that high-earners are increasingly choosing to rent instead of own homes, which provides flexibility, according to Apartment List. In addition, these younger and wealthier Americans are also choosing to delay major life events

“The longer someone goes without buying a house, getting married, or having children, the more flexibility they will have to move,” Apartment List writes.

In households making over $150,000 annually, 16%  of workers moved, which was a 39% increase above the Census Bureau’s estimate in 2019, according to Apartment List. In addition, a smaller increase occurred among households earning between $100,000 and $150,000.

The mover rate among remote workers in the highest income bracket jumped to 20%. That was twice the rate of on-site workers making similar salaries. Apartment List says the rate of migration was also higher among remote workers making lower incomes.

When higher-income workers did move, they were looking to buy a home. Movers from six figure households were twice as likely to buy a home as those earning less than $50,000, the higher-income group was twice as likely to purchase a home (34 versus 17%), according to Apartment List. They were also more likely to have gotten additional physical space (33 versus 22%). “By increasing the distance between home and work, these households were able to make other housing goals a reality without sacrificing their high-paying jobs,” Apartment List wrote.

Apartment List expects the economy will contain significantly more remote jobs than ever before after the pandemic, which will increase migration.

In a separate report, Apartment List found that nearly half of all remote workers surveyed said they’ll move over the next year. Four in 10 expect they’ll continue to have remote or flex work post-pandemic.

About 19% of the 5,000 US workers surveyed by the firm expect to have a hybrid arrangement allowing for work from home several days per week, while 21% say they think they’ll have the ability to work exclusively from home.