The ‘Great Resignation’ is causing many young professionals to relocate to areas with a lower cost of living while searching for more flexible employment options, reports Realtor.com. Many employed Americans are reporting a willingness to take a pay cut or accept a lower salary to move to more affordable areas, and some metros will benefit more than others.
Miami and Austin, Texas were the most popular destinations among young workers, whereas more professionals in northeastern and western cities are departing in search of affordable living.
For months now, much hay has been made about the seemingly huge wave of workers who are quitting their current jobs and finding new ones. Some industries, like tech, appear to be harder hit by this trend. Research suggests that the upheaval may be concentrated among the youngest workers, at least so far, given that they are more readily able to withstand the stresses associated with switching jobs.
To the extent that the “Great Resignation” may continue into 2022, one major driving force could be behind the pattern: High living costs. A new report from Coldwell Banker Real Estate LLC found that 41% of employed Americans would take a pay cut or accept a job with a lower salary so that they could relocate to a region that is more affordable.