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Homeowners willing to take a pay cut to move to a more affordable area

by Liz Hughes

More than 40% of employed Americans are willing to take a pay cut or accept a new job with a lower salary to move to a more affordable location, according to a new Coldwell Banker survey of home buyers and sellers

The “Great Resignation” movement from the pandemic that had many leaving the workforce was fully evident in Coldwell Banker’s latest survey of more than 2,000 adults, which indicated real estate markets across the nation will be welcoming lots of new residents.

Where are they heading? According to the report, Miami, Atlanta and Austin, Texas, are some of the top locations those surveyed would consider for relocation.

The survey also found younger generations are looking to live in more affordable locations, even if it means taking a job with a lower salary, compared to their older counterparts. Survey respondents age 18-34 made up 51% of those willing to do just that. 

It also found household sizes are expanding, as more homeowners, especially younger ones, seek space to grow. More than 50% (57%) of homeowners age 18-34 felt their housing needs were impacted by growing households.

Ryan Gorman, president and CEO of Coldwell Banker Real Estate LLC, said the survey reveals young adults no longer feel constrained to live in the same city, even if it means taking a lower salary in exchange for living in a more affordable location. 

“Younger folks may be redefining the American Dream, but one thing remains clear: Americans are still prioritizing homeownership,” Gorman said. 

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