Not so very long ago, most of our clients required their Executives to be sitting at corporate. They offered relocation packages in addition to the standard comp, ranging from simply the movement of household goods to more substantial packages including house hunting trips, closing costs, storage, temporary housing, cost of movers and more. Going way, way back, lenders used to buy Candidate’s homes in order to get them to move. Those days are long gone. With the onset of Covid, companies learned that it was more efficient to utilize technology to keep their Executives in touch and went for fully remote, semi remote or hybrid remote options. Job relocation went from being the #1 reason for moving to now being further down the list.
According to a recent article in the Scotsman Guide, the traditional corporate relocation is no longer the sole motivator for Americans to uproot their lives. In 2024, a new wave of migration is driven by personal and financial factors, according to the National Association of Realtors (NAR).
A staggering 30% of homebuyers prioritized being closer to loved ones, while 21% sought more value for their money. Other significant factors included favorable tax climates, safer neighborhoods, and proximity to work.
Among th regional trends, Westward movers were primarily motivated by affordability, seeking more home for their money (24%). Those heading South were drawn to lower taxes (19%). Northeastern movers prioritized job location (22%).
U.S. Census Bureau data reveals that the South remains the most popular destination, attracting 46% of all movers. The West follows with 25%, while the Midwest and Northeast received 18% and 11%, respectively.
Source: Scotsman Guide, November 26, 2024
