Cheap Mortgages Deter Workers From Relocating for $250,000 Jobs
- New plants opening in the US south struggling to fill openings
- Workers don’t want to give up low-interest mortgages to move
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Manager recruits in the industrial Midwest are shunning offers to move to the American south — in part because they’re locked into super-low 30-year mortgages.
A tight labor market that’s allowing workers to stay closer to home, rising housing costs and a post-pandemic shift toward remote or hybrid-work arrangements are making it a challenge for employers to entice managers, according to Andy Challenger, the senior vice president of Challenger, Gray & Christmas Inc., an executive coaching firm.