High housing costs erase much of the wage gain from moving.

For lower-skilled households, income net of housing costs falls more sharply over time than for higher-skilled households.

FROM THE PAPERFigure 3 · Returns to migration after housing costs

Source: Ganong & Shoag (2017) · Figure 3; PDF p. 30

Keep in mind: The estimates summarize regional migration returns; they do not isolate one housing policy.

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For lower-skilled households, income net of housing costs falls more sharply over time than for higher-skilled households.

Source: Ganong & Shoag (2017)
Figure: Figure 3 · Returns to migration after housing costs · Figure 3; PDF p. 30
Keep in mind: The estimates summarize regional migration returns; they do not isolate one housing policy.

Too many people are chasing too few homes. See why—and what communities can do about it.