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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. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Economy
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