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Recruiters in the South face obstacles in attracting skilled professionals from the Midwest despite offering competitive pay packages, according to a Bloomberg report released Friday. That’s because many of these potential workers are locked into ultra-low 30-year mortgages.
In the fourth quarter of 2023, the proportion of job seekers in the United States who relocated for employment dropped to only 1.5%.According to a survey, this marks the lowest level ever challenger, gray and christmas.
Janet Rivera Jones, founder of Florida-based 5 Star Global Recruitment Partners, told Bloomberg that potential employees who are paying off low-interest mortgages are often reluctant to move unless they get the housing cost differential. relocation plan.
According to a Bloomberg analysis of data federal housing finance agencyAbout one in five U.S. homeowners has a mortgage rate below 3%, while nearly 35% have an interest rate between 3% and 4%. The current 30-year fixed mortgage rate is about 7%, which has more than doubled since hitting a record low of 2.85% in December 2020.
At the same time, costs associated with employee relocation are rising. For mid-level managers, the average relocation expense for U.S. homeowners last year was $78,330, and the average relocation expense for renters was $33,349. ARC relocationa consulting firm that provides employee relocation assistance to federal agencies and corporate clients.
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