As many as 40% of Americans say they are considering moving to a less populated area because of Covid-19. And 31% of US citizens say they are thinking about moving to somewhere with lower living costs. People in the West, younger generations, and higher earners are more likely to want to move.
These statistics were unveiled by a study by Fast, an ecommerce payment startup. The nationwide survey explores Americans’ thoughts as the realities of the pandemic continue to restrict movement. The research surveyed 600 US adults currently working in a job that can be performed remotely.
Americans Seek More Rural Communities
For small business owners, the findings are important, as they reiterate the value of providing employers with remote working opportunities. By offering employees remote working options, businesses can retain staff who want to relocate.
Allison Barr Allen, Fast Chief Operating Officer, comments on the importance of offering remote work in the current climate:
“Innovation can happen anywhere, and Americans are realizing that increasingly they can live where they want without sacrificing their career. Smart companies realize that their highly skilled employees will leave if they aren’t given the flexibility to work from anywhere in the world.”
Cost of Living Continues to Rise in US Cities
The cost of living continues to rise in major American cities. Couple this with Covid-19 spikes in cities, it’s hardly surprising many people are wanting to move to less-populated areas. 43% of participates in the West say they want to move to quieter areas with lower costs of living. This compares to 36% in the Northeast, 35% in the South, and 22% in the Midwest.
Highest Earners for Devoted to Moving
Another interesting point raised by Fast’s study is that higher earners are more inclined to want to move. 49% of Americans in the $150K-plus income bracket are considering relocating. 31% of participants in the $50K – $150K salary brackets are thinking about moving.
Postgraduate Degree Employees Considering Relocating
The study also explored the educational status of participants in relation to their desire it move. It found that 44% of employees with postgraduate degrees are considering a move. 36% of college educated workers are also thinking along these lines. 35% of high school graduates say moving could be on the cards, sentiment shared by 26% of undergraduate degree participants.
These findings are important, showing the highest earners and those with highest levels of education are more inclined to move.
The survey found that 66% of Americans say remote work increases their interest in taking a new job.
Fast’s study is important as it confirms the business value of offering remote work. With the right technology, policies and ethos, businesses could extend remote working options to the long-term. By doing so, small businesses could attract and retain the best talent, thereby nurturing business success.
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The more white collar the job, the more likely remote work is feasible. These people can much more easily relocate while still retaining their job. Time to buy real estate in places like upstate New York, Colorado, Utah, Idaho, Montana.
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