Blame rising home prices for the Great Resignation, a new study suggests.
Millions of people – particularly older workers – who quit their jobs during the pandemic did so because their homes had appreciated in value so much that they could afford to take a step back from the labor force, a new study concludes.
“High house prices allowed many older Americans to retire early; if not for the high house prices, their labor force participation in 2021 would have been similar to 2019,” the study stated. The BLS attributes the sharp rise in quitting to “labor-market tightness,” or a desire for workers to protect themselves and their family from coronavirus, or due to workers being challenged by pandemic-related closures of childcare centers and schools.
The median price of a resale property in the U.S. was $396,100 as of May 2023. In 2019, before the pandemic, the median price was $277,700. Why do rising home prices motivate older homeowners to quit their job? The report said that higher home values meant people were “more able to take out home-equity loans or use reverse mortgages to access cash, while others might have downsized to a smaller home and ended up with a sizable nest egg.”
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