Up to 23 million Americans are currently planning to relocate to a new region or city because of telework, telecommuting, and freelancing.
With fewer companies requiring in-office work, families have more opportunities to explore affordable housing options. This trend is happening for organizations of all sizes, significantly widening the accessible talent pool.
Up to 50 million more Americans are employed through the gig economy, following a similar relocation trend with their self-employment.
Employers benefit from this trend. It creates more opportunities to reach talented workers where they live. With fewer overhead costs and the potential for more productivity, everyone can do more and spend less.
Over Half of Small Businesses Plan to Offer Remote Work
A recent Intermedia survey found that 57% of American SMBs intend to offer remote work as a long-term option for many employees.
As part of this trend, companies have found that employee availability has risen by nearly 20% with this change.
With people leaving places like New York City in droves to escape COVID-19 and high prices, the emerging behavior could have dramatic implicates for state and local economies. The households that remain could be facing housing price drops, tax increases, and higher expenses for utilities and daily needs.
Imagine that your daily commute involves walking downstairs to your home office. You could take your Neuroscience and Perque, work in comfortable clothes, and manage your family’s schedule with much more flexibility. That’s an inviting scenario for many people.
Approximately 1 out of 5 residents in a major city plans to move beyond the regular commuting distance with the telecommuting trend. Over 54% say that they want to be around two hours away from their current location.
Housing prices suggest the survey information is accurate. The U.S.’s top housing markets saw 13 percentage points more in rental price decreases than those in the bottom 10%.