The work-from-home lifestyle is here to stay and it’s molding the job market, and changing cities.
Locational freedom. Remote and freelancing positions are helping businesses save more money.
- 35% of the US workforce did freelancing work in 2019, and 60% of freelancers expect to make the same or more money in 2020.
- How big is the freelancing economy? About $150 billion big.
Outsourcing is hot. The share of freelancers working for businesses has grown by 15% since 2010.
How does it affect my wallet?
Big city = bigger expense. Instead of hiring local talent in big cities that need to be paid higher wages, businesses are choosing to hire more remote contractors instead.
- 72% of freelancers live outside the US’s top 15 most expensive cities.
- Hiring talent in metro areas is often 40% more expensive compared to non-metro regions.
More and more people are choosing to move out of big cities, which could potentially hurt cities’ tax revenue and city real estate.
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