More Workers Moving Out of State for Jobs

There has been a slight gain in the number of Americans relocating out of state for jobs, according to reports. The past four years, weighed down by recession and unemployment, have seen many people locked into their current locations due to the inability to sell their homes. Those properties have depreciated in value and, frequently, are worth less than what is owed on the mortgages. On top of that, tighter corporate budgets had clipped companies’ generosity in terms of footing the bill for the moving costs of new hires. Now, however, more firms are willing to bankroll most relocation costs; and the improving job market is creating more out-of-state work opportunities. The “underwater” mortgage trend continues to be a problem, but lenders and borrowers increasingly are reaching short-sale deals that free up job-hunters to expand their housing search out of state. For the 12 months ended in March, the Census Bureau reports, 4.8 million Americans took up residence in a different state — up from 4.3 million who did so the year before. By comparison, however, 7.6 million migrated from state to state in 2002. | Read More