Read our full analysis for a more in-depth look at these trends.
On the move: New city, new job, new pay
Boston and Portland are attracting workers with new job prospects while those moving to Seattle are seeing the biggest pay jump.
November 2023
Key takeaways
- Career opportunities are often a main motivator of a family move, and Bank of America internal data shed light on where they might be going: Boston, MA and Portland, OR are more likely to see population inflow due to job changes, while San Francisco has one of the lowest share of job changers among movers into the city. We think the latter reflects workers returning to office after being able to work remotely over the last few years.
- Bank of America internal data also suggests workers who are relocating seem to be getting a bigger pay increase than those who stayed in the same major metropolitan statistical area (MSA). Strikingly, the median paycheck for those who moved to Seattle increased by 15% YoY in 3Q, followed by 12% for San Francisco and 11% for New York.
- Looking more broadly at migration trends, Sun Belt cities such as Austin, San Antonio, Las Vegas and Tampa saw the biggest population inflow in 3Q, based on Bank of America internal data, and we find a positive correlation between population change and job growth in 26 MSAs in 3Q.
