How the Great Resignation is Spurring Relocation
Many Americans don’t feel tethered to just one place anymore, Coldwell Banker reported.
Younger generations are more inclined than their older counterparts to live in more affordable locations, even if it means taking a lower salary, according to survey data released this month by Coldwell Banker Real Estate, a Realogy company.
While homeownership is important to many Americans, they are no longer confined to their previously held beliefs about where home can or has to be. Thanks to the Great Resignation—the movement of people leaving the workforce during the pandemic—many Americans don’t feel tethered to just one place anymore.
In fact, 41% of employed Americans would be willing to take a pay cut or accept a new job with a lower salary in order to move to a more affordable location, according to the survey.
Conducted online by The Harris Poll among over 2,000 US adults, this survey reveals that the real estate renaissance means real estate markets across the country are ramping up to welcome all kinds of new residents.
Willing to Take a Pay Cut
Those ages 18-44 are more likely than those 45-54 to be willing to take a pay cut or accept a new job with a lower salary in order to move to a more affordable location. Specifically, 51% of the 18 to 34 age cohort are willing to do so, compared with 47% of those aged 35 to 44 and 32% of ages 45 to 54. In the 55 to 64 category, only 27% said they would be willing to take a pay cut or new job in order to move.
Another interesting stat: Nearly half (46%) of employed Americans who live in the northeast and west regions would be willing to take a pay cut or accept a new job with a lower salary in order to move to a more affordable location.
Where They Are Headed
Americans are chasing the sun as Miami, Florida; Atlanta, Georgia; and Austin, Texas, emerged as top locations where they would consider relocating.
Nearly a third (31%) of males aged 18-34 would consider moving to Miami. Females aged 18-34 were more likely to consider relocating to Austin among the options listed (21%).
Miami and Austin also ranked the highest among the options listed in potential relocation for those with children under 18 in the household at 21% and 17%, respectively.
More than a quarter (28%) of Americans who self-identified as Black (Not Hispanic) would consider relocating to Atlanta, the highest percentage for Black respondents of any major city surveyed.