There have been two articles in The New York Times in recent days that should be of interest to Boston readers.
The first, by Motoko Rich and David Leonhardt, entitled “Saying Goodbye California Sun, Hello Midwest” covers the migration from California to the Midwest, and other places, including Florida. It also mentions the migration from Boston to other areas. Interesting point, in 2001, over 1,000 people moved from Boston to San Francisco. In 2004, only 140 people moved there. Of course, Boston has lost population since 2000, overall, but presumably people are moving to places less expensive (or more sunny), not to other megalopolises such as San Francisco or New York. (Thanks to cub reporter Sebastian White for finding the article.)
Also, a side-note regarding the story. It compares what you can buy in California for $500,000 with what you could get in other cities. One of the other cities is Buffalo, New York. You can get a 3,800 square foot home in Buffalo. Sounds nice, but what is striking is the taxes. It would cost you over $9,000 in property taxes to live in Buffalo. Ouch. In Boston, for comparison, you would pay under $5,000 in property taxes (but, only get an 800 square foot condo for 1/2 a million).
The second, by Ken Belson, entitled “Altitude Sickness” is an indepth article about Long Island, New York, and the issues it is having in keeping its population.
According to the Long Island Association, between 2000 and 2003, Nassau and Suffolk suffered a net loss of 26,000 residents between the ages of 25 and 34, a loss five times the national average in proportion to the total population. Among people 35 to 44, the net loss was 13,000 people over the same period.
That’s rough. And, again, it is relevant to us, here, in Boston, as we try to keep the vibrant younger (and presumably, middle class) residents from moving to cheaper and/or sunnier climates. It’s not just an issue of people becoming unwilling to buy a condo (or rent) in downtown Boston. Our suburbs are partially responsible, as well, due to exclusionary zoning laws.
Contact me to find to set up an appointment to start your Boston condo buying process.
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Updated: January 2018