Covid-19 has forced businesses to change how they work and communicate. While this is true for most line-level employees, the wealthiest Americans are also changing their habits. While this involves how we work, it is also affecting where the wealthy choose to live.
By working online for most, if not all, of their job functions, the wealthy are quickly realizing the high cost of living areas such as San Francisco may not be a necessary evil any longer.
For instance, before Covid-19, wealthy technology employees working in Silicon Valley were forced to live there to respond to the office each week.
Now, with more companies realizing permanent remote work is a viable option, some of the most wealthy are fleeing to a cheaper cost of living locations while still working for the same organizations.
Here are 6 places the wealthy are fleeing to:
1. Lake Tahoe
Situated east of Sacramento, California, Lake Tahoe is usually a place where spring breakers and families relax. However, since Covid-19, wealthy technology company workers are quickly buying up all available real estate in the area.
The influx in home sales around Lake Tahoe has caused the home market to skyrocket faster than the surrounding areas. By working at home, the wealthy are realizing they can further increase their wealth by moving to a cheaper cost of living area.
This means vacation spots may soon be the new normal for residential housing.
2. Big City Suburbs
With expensive cities like New York and San Francisco under lockdown, the wealthy are learning to make remote work a permanent solution. Working remotely no longer requires in-person meetings at downtown offices.
New York and San Francisco have seen significant drops in their rental market due to the wealthy leaving for the suburbs and a cheaper living cost.
According to a report by Zumper, San Francisco rental house searches declined 36% since the beginning of the pandemic. In New York, rental home searches fell 29%.
3. Tulsa, Oklahoma
To stimulate their economy, in 2018, Tulsa implemented a financial incentive for remote workers.
For remote workers who chose to relocate to Tulsa, the city will pay new residents a total of $10,000 in installments over their first year as part of the Tulsa Remote program.
Residents will receive a cash grant, free desk space in a shared office, and other unique perks if applicants are chosen for the problem.
Another famous vacation destination, Barbados in the East Caribbean, is encouraging remote workers to call their island home.
The Barbados island nation started a Work From Paradise initiative to lure wealthy Americans to work remotely from the island.
The British territory of Bermuda is an island chain enticing wealthy Americans to move to its beautiful beaches.
To attract new residents, if you provide a negative Covid-19 test, they will offer U.S. citizens one-year visas to remote employees. The visa is also renewable if relocated residents fall in love with the islands.
6. Salt Lake City, Utah
With the state of Utah ranking as one of the highest concentration areas of remote workers, it’s no surprise Salt Lake City is a wealthy remote worker destination. FlexJobs recently ranked the city as number two for the best places to work remotely.
With the low cost of living and a community that embraces remote work, Salt Lake City is quickly becoming a permanent destination for the wealthy.