Relocation Due To Financial Crisis- The Exodus

A few years ago, a new job or a good academic opportunity would prompt people to leave the comforts of their home and wander over to other lands, but now, the recession seems to be forcing people to relocate to places with a lower cost of living. A lot of people who are finding it difficult to make their ends meet in their places of residence are moving over to other cities and towns where the cost of living is lower. Mint has come up with an infographic that shows the places from which the maximum exodus is taking place along with the social section that is out moving out the most.

People are mostly relocating to Texas where the cost of living appears to be lower than in other cities. The lower stratum of the socio-economic class is badly hit by the recession and they are the ones moving out. Unemployment is a big issue in most parts of the United States and people are relocating to areas where they expect to find work. People are finding it difficult to maintain their standard of living in places where they are used to staying. They are either compromising with a lower standard of living or relocating to a place with a lower cost of living for maintaining the same standard of living. As it’s easier to change the place of residence, rather than one’s lifestyle, people are readily opting for the latter.

New York and California are the cities from where the maximum migration is taking place. The cost of living in both is very high and people are finding it difficult to maintain their lifestyles. These are the cities where the economy is also worst hit during the past recession.

Maximum number of movers is from the lowest income level, i.e. those who make less than $9,999 per year. However the income level and percentage of migration does not bear a linear relationship. The graph shows more people of higher income groups also moving out than their relatively lower income counterparts. For example, the migrants earning $15 K -$ 24,999 are more in number than those earning $10 K – $ 14,999. Also the richest groups, those earning $75 K, are the ones who are migrating more than those earning $65k – $74,999. Search for good career and business opportunities might be the motives for their relocation.

If you go by the education level, college students constitute the maximum percentage of the migrants (29 %), lower than high school levels being the least (9%). College students obviously are the ones on the threshold of financial independence. They have to establish themselves in good professions and support themselves independently. It is rather imperative for them to move out to places where they can expect to have a sound financial and professional background. Staying in places which do not provide these opportunities can only give them immense hardships in life. 19% bachelor degree holders and 12% of graduate degree holders have migrated in recent times.