The wealthy exodus from superstar cities
Pandemic-induced remote work is chipping away at a recent trend of Americans staying put but only for the well-off.
Why it matters: Telework has been lauded as a geographic equalizer, allowing talented people from all over the country to go for jobs in superstar coastal metros. But the benefits have largely been limited to wealthier workers so far.
What’s happening: Researchers analyzed around 100,000 moves over the last year and found that high-income individuals those earning more than $100,000 a year accounted for less than half of all movers, but made up 75% of those who said they were moving because of telework opportunities.
Study: Residents left big metros during pandemic for family
MIKE SCHNEIDER, Associated Press
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1of5FILE - Rows of homes, in suburban Salt Lake City, on April 13, 2019. Utah is one of two Western states known for rugged landscapes and wide-open spaces that are bucking the trend of sluggish U.S. population growth. The boom there and in Idaho are accompanied by healthy economic expansion, but also concern about strain on infrastructure and soaring housing prices.Rick Bowmer/APShow MoreShow Less
2of5FILE - Homes, in suburban Salt Lake City, are shown on April 13, 2019. Utah is one of two Western states known for rugged landscapes and wide-open spaces that are bucking the trend of sluggish U.S. population growth. The boom there and in Idaho are accompanied by healthy economic expansion, but also concern about strain on infrastructure and soaring housing prices.Rick Bowmer/APShow MoreShow Less
Associated Press Cece Linder was living in a 770-square-foot apartment outside Washington, D.C., last spring when the area went into lockdown because of the coronavirus pandemic. In May 2020, after a few months of both living and working in the small space, Linder decided to leave the capital area and move into the 2,000-square-foot beachside home she jointly owns with her parents in Cocoa Beach, Florida. Now she gets to see the sunrise over the water each morning before work. “If I’m teleworking anyway, why not move to this other place that is more visually attractive, it’s beachside, and someone can occasionally cook for me?” Linder said. “Though that didn’t exactly work out. My mom has me cooking for them.”
Study: Americans left big metro areas during pandemic for family
Mike Schneider
The Associated Press
Cece Linder was living in a 770-square-foot apartment outside Washington, D.C., last spring when the area went into lockdown because of the coronavirus pandemic.
In May 2020, after a few months of both living and working in the small space, Linder decided to leave the capital area and move into the 2,000-square-foot beachside home she jointly owns with her parents in Cocoa Beach, Florida. Now she gets to see the sunrise over the water each morning before work.
“If I’m teleworking anyway, why not move to this other place that is more visually attractive, it’s beachside, and someone can occasionally cook for me?” Linder said. “Though that didn’t exactly work out. My mom has me cooking for them.”
3 weeks ago in Lifestyle
FILE - Rows of homes, in suburban Salt Lake City, on April 13, 2019. Utah is one of two Western states known for rugged landscapes and wide-open spaces that are bucking the trend of sluggish U.S. population growth. The boom there and in Idaho are accompanied by healthy economic expansion, but also concern about strain on infrastructure and soaring housing prices. (AP Photo/Rick Bowmer, File) Photo: Associated Press
By MIKE SCHNEIDER Associated Press
Cece Linder was living in a 770-square-foot apartment outside Washington, D.C., last spring when the area went into lockdown because of the coronavirus pandemic.