Cost of Living Drives Shift to “Budget-Friendly” States and Cities
COVID-19 changed the way people move and led to subsequent ripple effects on local industries. “Now, as the pandemic recedes into the background, rising inflation rates have become a major concern – and the rising cost of living may be leading some individuals and families to relocate to more budget-friendly states and cities,” Placer.ai says in a new white paper.
Titled “How Rising Living Costs Are Impacting Domestic Migration Trends,” the white paper looks at recent location intelligence data to better understand the factors driving migration trends today. To better understand what drove domestic migration in 2022, Placer.ai analyzed the correlation between statewide household income and rates of inbound migration and looked at how cost of living differences impact migration on a local level.
“We found that there appears to be a small but significant movement of people from regions with higher income and higher cost of living to more affordable areas,” according to the white paper.
- ◦Economy