Remote Work and The US Moving Slump: A Deeper Dive
The US is experiencing a historical low in local moving rates, with only 8.7% of Americans moving in 2022. This significant drop from the 20% rate in the 1960s begs the question: what's driving this trend?
Remote Work's Impact:
The rise of remote work is undeniably playing a significant role. The pandemic accelerated the adoption of remote work, and now, a whopping 20% of job postings offer remote work, double the rate in 2021. This shift means individuals no longer need to relocate for new opportunities.
Other Contributing Factors:
Beyond remote work, other contributing factors include:
- Young adults living at home: A Harris Poll for Bloomberg reveals that 45% of people aged 18-29 are still living with their parents.
- Delayed marriage and family: The average age of marriage is increasing, pushing back the timeline for starting families and potentially moving to accommodate them.
- Soaring rental prices: While rental growth has slowed from 2022's peak, average rent prices remain 33.4% higher than pre-pandemic levels. This makes relocating financially less attractive.
The Future of Moving:
While local moves are declining, long-distance moves are on the rise. College-educated individuals are more likely to relocate for opportunities, while less-educated workers see fewer benefits from moving to cities for better jobs and higher incomes.
The bottom line: The US moving slump is driven by a confluence of factors, with remote work playing a key role. As the landscape of work and life continues to evolve, it's likely that this trend will continue to shape the future of migration patterns in the United States.
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