The most recent market data is clear: remote work continues to have a powerful impact on the cost of housing in the United States.
Here is a look at the top market increase movements we have observed over the past 12 months:
|Austin TX, U.S.A.||47%|
|Flagstaff AZ, U.S.A.||38%|
|Naples FL, U.S.A.||37%|
|Sarasota FL, U.S.A.||35%|
|Fort Myers FL, U.S.A.||35%|
|Missoula MT, U.S.A.||34%|
|Hyannis MA, U.S.A.||33%|
|Santa Barbara CA, U.S.A.||32%|
|Boise ID, U.S.A.||31%|
|Hamilton MT, U.S.A.||31%|
|Provo UT, U.S.A.||31%|
|Raleigh NC, U.S.A.||31%|
Vacation spots like Austin, Naples and Sarasota now top the list, boasting no state tax and other appealing lifestyle benefits. Prior to the pandemic this list consistently featured major business hubs like San Francisco, Boston, Chicago, and New York. While business hubs are still experiencing all-time highs in median home price values, they are not keeping pace with this new cadre of work to live locales.
This dataset is meaningful for domestic relocations in two ways:
- What do you do if you have key operations in one of these areas where remote work has put increased pressure on the market?
- How do you educate remote employees or new hires on relocation decisions?
Regardless of whether you fall into camp 1 or 2 above, it is important to consider how your program is impacted by these trends. Do you have the right framework in place to effectively attract and retain talent? Is your policy working for new remote work talent strategies?
Recently we have worked with several companies to make adaptations including new benefits, education, and collateral to support a more talent aligned domestic program. Contact us for more information on how you can deploy a talent forward domestic relocation program..