Increased internet access and networks such as 5G accelerated the remote workforce trend in recent years. From 2005 to 2017, a 159 percent surge in telecommuters transpired. During the last few years, another 87 percent increase in work-from-anywhere flexibility occurred, and now more than 36 million Americans are expected to work remotely by 2025.
Some are calling the ability to live and work from anywhere the “New Normal.” But the looming question is whether transitioning into an off-site job allows working people to move. Does it make sense to pack up your belongings and move somewhere else?
Do Remote Workers Truly Possess Relocation Flexibility?
A recent Upwork survey reportedly indicated that between 14 million and 23 million remote workers already plan to move out of large cities. Upwards of 11.5 percent of those polled attributed their decision to move to their ability to work from anywhere. Approximately 41.5 percent planned to move more than four hours away from the company they currently work for, and another 13.2 percent say they will buy or rent 2-4 hours away. People polled said they were moving because they wanted to enjoy a less crowded and less expensive place to live.
How Less Expensive Are Suburban & Rural Communities?
Few Americans would disagree that suburban and rural areas tend to be less expensive than urban landscapes. But does relocating truly deliver the best bang for your buck?
According to data released by the National Association of Home Builders, new single-family homes in suburban and rural areas are typically 10-percent less expensive to build than in urban areas. Existing single-family homes can cost upwards of one-third less in suburban and rural communities. Those are reasons why, statistically, more people pay off their homes in suburban and rural areas.
What Are The Financial Benefits Of Moving Out Of The City?
For young professionals, the attraction of culturally rich city life can be something of a double-edged sword. Urban lifestyles often offer fine restaurants, art galleries, and exciting nightlife. But professionals also discover that the cost of living can exceed their seemingly good salary.
Recent data indicates that people’s median salary in urban areas does not necessarily meet the low-end affordable living threshold. Many U.S. cities cost upward of 25-30 percent more than median earners take home. In cities such as Boston, renters need to make nearly double the median income to afford an apartment.
By contrast, a 2020 Kiplinger study points out the cost of living in the small-town USA runs anywhere from 12-20 percent below the national average. The net gain can be substantial for remote workers who want to build their financial portfolio through home equity and retirement account growth, among other strategies.
What Remote Workers Should Consider Before Moving
Moving out of a congested urban landscape can also land you in a community with lower crime rates and good schools. When considering a move, it may be worthwhile to make sure the area has the 5G infrastructure you may need to work effectively. Take time to immerse yourself in the area and decide whether you are prepared for a slower-paced lifestyle.
Movers Make is Easier
Are you ready to make a move? Work with an experienced professional moving company that knows how to negotiate busy city streets and get you to a quieter place where you can maximize your remote flexibility and earnings.