In the wake of the pandemic, Massachusetts is grappling with the possibility of losing a significant portion of its young adult population. A recent survey conducted by the Greater Boston Chamber of Commerce Foundation has revealed that 25 percent of residents between the ages of 20 and 30 in the Greater Boston area are planning to leave the region within the next five years. The survey, carried out by Washington, D.C.-based research company HIT Strategies in November and December, highlights the high cost of rent, job availability, and the ability to buy a home as major factors influencing their decision to stay or go.

The findings of the survey underscore the mounting concerns over the astronomical housing prices in Greater Boston, which coupled with the newfound geographic flexibility enabled by remote work arrangements during the pandemic, may lead to an exodus of young talent from the region. This trend has prompted James E. Rooney, the President of the Chamber of Commerce, to emphasize the significance of these young residents as current leaders and champions of local businesses, downtown areas, and workplaces. He stressed the need to address the hurdles they face and amplify their voices.

While it is not uncommon for young people to come and go from Boston for academic programs and job opportunities, the GBCCF study signals a "heightened urgency" in ensuring the region remains attractive for future generations. The ability to find affordable housing and secure employment emerged as the most important factors in the decision-making process for young individuals, each ranking at 66 percent. The ability to purchase a home followed closely behind at 55 percent. Notably, 66 percent of respondents placed great importance on affordable housing, demanding that local leaders prioritize this issue.

The survey also shed light on additional considerations weighing on the minds of young adults contemplating whether to establish their lives in Greater Boston. Efficient public transportation and mobility, proximity to family, affordable and accessible childcare, as well as racial and cultural diversity, were all highlighted as influential factors. Moreover, the report revealed disparities in the desire to leave, with black women and LGBTQ individuals more likely to consider departing the region. Conversely, Asian American and Pacific Islanders, as well as millennial women, exhibited a stronger inclination to remain in the area.

Despite the evident desire to leave, the survey indicated that the majority of respondents still expressed contentment with residing in Greater Boston, with 89 percent reporting a high level of satisfaction with their day-to-day lives. The report also touched upon the role of social opportunities in the region, with 39 percent of those planning to leave citing difficulties in building community. Enhancing the social landscape through increased entertainment options, employers prioritizing work-life balance, and improved transportation and mobility were identified as potential solutions by those who faced challenges in this regard.

Given the potential implications of losing a significant portion of its young adult population, Greater Boston must confront the pressing concerns around high housing costs, job opportunities, and community-building. These findings serve as a wake-up call for local leaders and policymakers to take proactive measures in order to create a sustainable and vibrant environment that attracts and retains young talent, ensuring the region's long-term vitality and prosperity.