Is mover’s remorse starting to send people back to downtown Boston again?
By now, the story of people abandoning cities for more green space (and a proper home office) during COVID times rings almost cliché. According to a Pew Research Center survey, around one in five adults in the United States either moved or knows someone who moved during the pandemic. The phenomenon has been particularly pronounced in downtown Boston, which, according to ZIP code change data collected by LinkedIn’s Economic Graph, ranks among the top U.S. cities losing residents.
Still, as more people are jabbed with the vaccine every day—and a life restored to some semblance of normalcy doesn’t seem as far off as it once did—many former Bostonians are again seeing the value of city living, and in many cases realizing the grass wasn’t greener in the country after all.
That kind of backpedaling is hardly a shock when humans are faced with an anxiety-producing situation, the fight-or-flight response kicks in. In this case, some people who fled cities during the pandemic were quite literally following their flight response, moving out of fear rather than a desire to settle in the suburbs or beyond in the future.
For some, the motivation has been a once-in-a-lifetime opportunity to finally nab a piece of what has typically been one very expensive pie. A drop in condo prices in neighborhoods across Boston has allowed millennial’s to transition from renting to buying, and empty-nesters who’ve already flown the coop to up size within the city.
Rentals are the other COVID jackpot for those on the hunt for city housing. The average cost for an apartment in Boston plummeted more than 20 percent from March to December, according to the rental site Apartment List, opening up options that people might not have imagined before.
Fueled by the dip in prices and interest rates, first-time homebuyers have also been finding increased opportunities to break into the Boston condo market.
Boston luxury condos buyers are seeing golden opportunities sniffing out a “COVID discount.
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Source: Boston Magazine