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The “Great Resignation” is prompting big real estate moves by consumers.
The phrase “Great Resignation” refers to the large number of people who have left the workforce since the pandemic began. Both young and old Americans are leaving their jobs in record numbers to look for a fresh start and showing a desire not only in a job change but also a change of location.
Job openings in the U.S. neared record highs in October, the Labor Department reported this week. Employers posted 11 million job openings in October, marking the fifth consecutive month that openings have topped 10 million. Many employers continue to struggle to fill vacancies.
Surveys show that employees are leaving for a variety of reasons, including a growing desire to work from home permanently, discontent with how employers have treated them since the pandemic began, the desire for greater work-life balance, and decisions to pursue new career paths. One-third of workers who quit their jobs are launching their own business, according to a survey by Digital.com.
New Jobs, New Locations
Also, many Americans no longer feel tethered to their current city, a survey from Coldwell Banker finds.
Forty-one percent of employed Americans say they’d be willing to take a pay cut or accept a new job with a lower salary in order to move to a more affordable location, according to a recent survey commissioned by Coldwell Banker. Younger employed Americans—ages 18 to 44—are more likely than those aged 45 to 54 to say this.
Nearly half—46%—of employed workers who live in the Northeast and West regions said they’d be willing to take a pay cut or accept a new job with a lower salary to move to a more affordable location.
Where are these workers headed? Coldwell Banker says the top destinations are Miami and Austin, Texas.