According to AIRINC's recent U.S. Domestic Relocation benchmark, 29% of companies provide a cost of living allowance (COLA) for moves within the United States. Depending on where your talent is coming from and going to, they might need financial support to address higher costs.
Are you relocating domestic talent into any of these locations? Click our interactive map to see the top locations in the U.S.A with high, or low, costs of living. Locations on the heat map are on a scale with Atlanta as the reference at 100.
New York City is home to one of the most expensive housing markets in the United States and there is additional tax assessed on income beyond state income tax.
No surprise here, San Francisco and the Bay area have dominated headlines regarding cost of living in recent years. Soaring house prices have led many companies to seek out solutions to helping senior and key talent enter the housing market. In addition, gas prices out on the West Coast are about a USD 1.50 higher than their East Coast counterparts.
Suburbs in southwest Connecticut that are convenient enough to commute into New York City have been some of the most desirable areas to live in for people working in the city. This has been a contributing factor in the overall cost of living in the area.
This is probably the first surprise on the list. With remote work growing in popularity Hawaii is a popular destination for people. The cost of goods and services on Hawaii are very high and the housing market has also been trending upwards. Not a lot of industries are hiring / relocating talent to Hawaii though.
Boston has been in news headlines recently for being one of the most expensive cities to live in. A highly competitive housing market with not enough supply combined with a workforce of highly specialized individuals has seen house prices climb in recent years.
The nation's capital is also not known for being an affordable area to live in the country. People working in Washington may find themselves living in Maryland, Virginia, Delaware, as well as District of Columbia. Eleven of the top one hundred cites in the United States are in the DC area.
Chicago is headquarters to a wide array of large companies and as a result has a lot of talent relocating to the Chicago area. The suburbs north of Chicago tends to be the most expensive area.
Austin is quickly becoming one of the most popular cities in the country and with a lot of technology companies opening offices here the real estate market has seen large growth.
Home prices in Seattle have been steadily growing for the past five years, but a lot of the growth has happened in the past year. Median home prices are up USD 150,000 year-over-year according to Redfin.
Portland is a highly competitive housing market due to the desirability of the city and it being home to several very large companies. Median home prices have been declining since early summer according to Redfin but are still over USD 500,000.
If you are looking for assistance with relocating talent into high-cost areas in the United States, contact us to learn how we can help you get the talent you need to the right places.