In the February Mobility Trends and Hot Topics, NEI conducted a pulse poll asking our subscribers if they are seeing increased resistance to relocate from US Domestic employees due to the housing market. Of those responding, 26 percent said ‘Yes’, 42 percent said ‘Somewhat’ and 32 percent said ‘No’. That means over two-thirds (68%) of those polled are seeing some kind of resistance to relocate due to the US housing market.
The mortgage market of 2020 and 2021 was a tremendous opportunity for homeowners to lower their rates and fix costs according to Skylar Olson, principal economist for Tomo, an online mortgage lender. It is understandable why people would not want to give up those low-interest home loans. Since 2008, people have also been staying in their homes longer according to the Urban Institute’s Housing Finance Policy Center.
So, how can companies address home affordability issues with relocating employees? In the article Home Affordability Factors and Solutions, NEI explores several potential solutions to support this growing challenge. Other NEI articles related to relocation resistance include Top Recruiting Considerations to Help Sell Candidates on Relocation, and Getting Recruits to a Yes for Relocating.
Should you want to discuss any of these topics in greater detail, please reach out to your NEI representative.
Sources: NEI Global Relocation; Nerd Wallet; Tomo; and Urban Institute’s Housing Finance Policy Center.