A recent study conducted revealed that as many as forty percents of Americans are seriously considering moving to a more rural, less populated area in light of the pandemic. Not to mention, these areas tend to be associated with a lower overall cost of living versus major cities. Of those surveyed, it was discovered that the ones primarily looking to move consisted of people out west, younger generation Americans, and also higher earners. The nationwide survey involved 600 adults who currently work in jobs that can be done remotely if need be.
The results of the survey should resonate particularly with smaller business owners; employees more and more are going to be searching for remote work opportunities to accommodate something such as a move to the country. Failing to offer remote work options could end up with small businesses losing talent who have no choice but to relocate.
What the pandemic has shown us among other lessons learned, is that people can essentially work from anywhere. And in doing so, they do not have to make a career sacrifice. Businesses are increasingly now having to consider how to transform operations and adapt to a remote culture.
Cost of Living Up in Cities
The cost of living in US cities is on the rise. And with the virus surges again now appearing in major urban areas, it's no wonder people are thinking about calling more rural regions home. Essentially, people want quieter, less densely populated, and more affordable options when it comes to where they choose to live.
People simply aren't making it financially speaking in major metro hubs. The pandemic decimated some companies, erased jobs that otherwise existed, and most definitely took a monetary toll on everyone. Wanting something of a fresh start, and one that they can afford, many Americans are seriously considering a move.
The study also found that those who tended to earn more money were among the top of the field when it came to wanting to relocate out to the country. Near fifty percent of those asked (those falling into the 150k bracket or above/) did mention a desire to relocate to somewhere less populated. And just over thirty percent of those in the 50-150k bracket said the same.
Educational status was also part of the study. It seems that people with higher-level degrees were more eager to move. 44% of those with postgraduate degrees did express a willingness and need to move to a rural area. Whereas, 35% of those with bachelors said that they were considering a move. Beyond that, 35% with high school degrees answered in the affirmative when questioned about moving to the country.
First Union Lending has been helping small business owners throughout this crisis. We want to see our clients make it out of this and ultimately thrive. Wherever you happened to be located in the US, we can help. Our loan programs are fast and flexible. And even if your credit score is on the lower side, we likely still have a solution for you. Call today!