The big picture: High home prices are driving 'affordability refugees' to new metros, with cross-market home searches significantly increasing since 2019. This trend is reshaping where talent resides across the U.S.

Why it matters: This migration directly impacts talent availability and acquisition strategies for businesses, creating new talent hubs and depleting others. Workforce leaders must adapt to shifting demographics.

Between the lines:

• Cross-market home searches exceeded 60% in 100 largest U.S. metros this spring.
• This is up from roughly 48% in 2019, indicating a significant acceleration of the trend.
• Buyers seek greater affordability or better job prospects outside their local markets.

Staffing & HR impact: Staffing firms must recalibrate sourcing strategies for emerging talent markets and anticipate shifts in regional pay scales. HR leaders face challenges in attracting and retaining talent in high-cost areas.

The bottom line: The cost of living is now a primary driver of labor mobility, demanding dynamic talent strategies.