Up Work: “More than half a year into the pandemic, remote work continues to be the reality for businesses across the country. Even as stay-at-home orders and lockdown measures have eased, many professionals are still working from their homes. This persistence, coupled with findings from early survey results, suggest that remote work is here to stay. While remote workers are already experiencing the direct impacts of this, with fewer commutes and less meetings, there are also early indicators of some larger, indirect effects of remote work. Perhaps the most significant of these effects is around the ability to access job opportunities far beyond one’s local labor market. In this analysis, we will explore how the ability to work remotely has impacted where people plan to live.
- Remote work will increase migration in the U.S.: Anywhere from 14 to 23 million Americans are planning to move as a result of remote work. Combined with those who are moving regardless of remote work, near-term migration rates may be three to four times what they normally are.
- Major cities will see the biggest out-migration: 20.6% of those planning to move are currently based in a major city.
- People are seeking less expensive housing: Altogether, more than half (52.5%) are planning to move to a house that is significantly more affordable than their current home.
- People are moving beyond regular commute distances: 54.7% of people are moving over two hours away or more from their current location, which is beyond daily or even weekly commuting distances for most.
- Housing market data confirms that the highest priced markets are taking the biggest hits: Rental data from Apartments.com reveals that the top 10 percent most expensive markets saw a 13% percentage point larger decrease in rent prices than rental markets in the bottom 10 percent…”