Places like New York and San Francisco are less attractive, housing costs are lower, and states with emerging tech hubs are more popular.
Everyone now hears of the "Great Resignation." Workers across the country — whether exhausted or fed up or just experienced a severe post-pandemic desire to travel — it's time to end it.
However, another transformative workforce trend is also emerging that could have a greater long-term impact. Think of it as the Great Reshuffle. Because Americans don't just give up old jobs — they're also embracing new jobs, no matter where they are. This means that people will put down roots in a brand new town, city or state and buy or rent a home.
As a result of the rise of remote work over the past year and a half, white-collar workers who can work anywhere are increasingly enjoying this freedom. Employees who used to sit at desks have moved from the coast to more affordable places. During the shuffle, some employees found that perennial favorite places such as New York and San Francisco had less appeal. They prefer states with lower housing costs, and emerging tech hubs.
To find out where people most often choose and move, Realtor.com's data team examined labor migration data provided by jobs site LinkedIn. Then, the impact of this restructuring on the local real estate market was studied in greater depth. They found that these favored cities were concentrated in the south and west, all with stable economic growth, abundant employment opportunities and a lower cost of living.
"These areas have two major advantages: relatively warm weather and more affordable housing," said Guy Berger, chief economist at LinkedIn, "and even before the pandemic, this has made them an important factor in attracting talent." Now, as remote work becomes more common... This appeal has been greatly enhanced. ”
But with the influx of people, these towns may not be cheaper for long. In fact, the data shows that the median home pricing in the cities the top ten job seekers moved into saw double-digit increases in listing pricing in all cities except Asheville, North Carolina, compared to the same period a year ago.
It's become a cycle: Workers who need housing have intensified competition for housing, and realistically — if they come from higher-priced areas like California, they can buy flexibly, squeezing locals out of the housing market.
"The influx of new populations is better seen as an opportunity than a challenge — creating more economic opportunity for everyone," Berger said, "but without building more homes, this move could also put upward pressure on house prices and rental costs — recreating the same problems that large coastal metropolitan areas encounter." ”
Data from LinkedIn, which has information about more than 180 million members in the United States. The so-called migration is defined as a member changing the location on their LinkedIn profile. To calculate migration rates, LinkedIn studied the number of migrants in metropolitan areas that had changed their place of residence over the past 12 months, then divided them by the total number of people in the area who had LinkedIn profiles. To represent geographic diversity, each state includes only one metropolitan area. (Metropolitan areas include major cities and surrounding towns, suburbs, and smaller urban areas.) ）
Here are the top 10 cities where job seekers flock to:
1. Austin, Texas (Austin, TX)
New staff per 10,000 LinkedIn members: 150
Median pricing in October: $549,900
Year-on-year change in pricing: 33%
2. Sarasota, Florida (Sarasota, FL)
New hire rate: 138
Median pricing: $495,000
Year-on-year change in pricing: 32%
3. Myrtle Beach, SC, South Carolina
New hire rate: 102
Median pricing: $368,520
Year-on-year pricing change: 40%
4. Asheville, NC
New hire rate: 92
Median pricing: $469,000
Year-on-year change in pricing: 7%
5. Nashville, TN
New hire rate: 89
Median pricing: $450,000
Year-on-year pricing change: 13%
Others include:
6. Boise, Idaho (ID), 7. Huntsville, AL, Alabama, 8. Denver, Co. (9. Portland, ME, Maine, 10. Phoenix, AZ.