Randstad US and Apartment Guide, part of the RentPath network of brands, released in June results of a survey exploring how rising living expenses are influencing where and how people live and work in the U.S. and the impact this is having on their overall quality of life. The survey found that younger workers were particularly affected. For example, 50 percent of Gen Z employees say they have more than one job to supplement their salary, compared to just 28 percent of workers of all ages.
Living expenses outpace pay increases, resulting in more roommates and side gigs
Working from home gives employees more flexibility, but comes with downsides
“Tight budgets are nothing new for young people just starting out in their careers, but today’s increasingly high cost of living coupled with slow wage growth means that, despite low unemployment, millennials and Gen Zs are faced with at least two variables negatively impacting their financial well-being,” said Jim Link, chief human resources officer, Randstad North America. “Working from home can offset some of their transportation and living expenses, but it can also lead to loneliness and increased risk of disengagement. It doesn’t have to, though. Managers with remote workers can take steps to promote as much collaboration and face time as possible with teammates to combat isolation.”
“Affordability is a major concern for today’s renters, whether in a big city or rural town,” said Emily Williams, senior data analyst for Apartment Guide. “Our data shows that average national rent prices have increased by more than 4 percent over the past year, but in some places, the increase is much higher. There are deals to be found in almost every city, but some renters might need to compromise certain amenities or locations, or even add a roommate, to live the lifestyle they want in areas where they want to be.”
Long commutes aren’t just time-consuming: they can affect mental and physical health
For more information on this study, plus tips to help you overcome cost-of-living talent challenges and insight into housing affordability trends, visit the Randstad Learning Center and Apartment Guide’s Data & Research page.