Where and why are people moving?
Wealthy Americans are moving from high-tax states to low-tax states.
The COVID-19 pandemic has been a mainstay for the better part of 2020, affecting nearly every aspect of daily life as we know it. Our housing choices are no different.
Record-breaking unemployment — with more than 11 million Americans still jobless — along with an exodus from major cities with dense populations, such as New York, and a desire for more living space are all factors motivating Americans to reevaluate priorities for their next home purchase or lease.
A new LendingTree survey finds that close to half of Americans have a move on their minds in the not-too-distant future. The results, based on the responses of more than 2,000 participants, offer some insights into what could motivate consumers to pack up and relocate.
Boston Real Estate Moving in 2021
As we look back over the past year, we’ve certainly lived through one of the most stressful periods in recent history. After spending so much more time at home throughout the health crisis, some are wondering if they should move to improve their mental health and well-being. This is no surprise since the U.S. Census Bureau reported an increase in the percentage of adults with symptoms of anxiety and depression in a recent Household Pulse Survey.
How Moving Can Help You Mentally
There’s the logic behind the idea that making a move could improve someone’s quality of life. When people change their scenery, they often feel happier. Catherine Hartley, an Assistant Professor at New York University’s Department of Psychology and co-author of a study on how new experiences impact happiness, mentioned:
“Our results suggest that people feel happier when they have more variety in their daily routines—when they go to novel places and have a wider array of experiences.”
If you’re looking for a new experience, planning a move into a new home may be something you’ve started to consider more carefully. If so, you’re not alone. The 2020 Annual National Movers Study by United Van Lines shows:
“For customers who cited COVID-19 as an influence on their move in 2020, the top reasons associated with COVID-19 were concerns for personal and family health and wellbeing (60%); desires to be closer to family (59%); 57% moved due to changes in employment status or work arrangement (including the ability to work remotely); and 53% desired a lifestyle change or improvement of quality of life.”
So, if you’re thinking of moving this year to help boost your happiness factor, here are a few questions to ask yourself as you make your decision.
Are you enjoying Boston’s Weather?
Is the weather something that’s important to you? Does it have a tendency to impact your mood? The World Population Review shares:
“What states have the best weather? When evaluating each state for temperature, rain, and sun, some states stand out. Although climate and weather preferences are personal and subjective, some criteria are considered to make up the best weather, according to Current Results:
- Comfortable temperatures from 63°F to 86°F for more than half of the year.
- Dry weather with no more than 60 inches of rain per year.
- Mostly clear skies with an average of sunshine for at least 60% of the year.”
“Better weather” can mean different things to different people – some prefer the heat, others cooler temperatures, and some want to experience all four seasons. Think about what makes you feel happiest if you’re looking for a new location.
Should I live in the City, Suburbs, or Country?
With the COVID-19 pandemic, some people are deciding to move to lower-density areas. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), mentions:
“The third quarter Home Building Geography Index (HBGI) reveals that a suburban shift for consumer home buying preferences in the wake of the COVID-19 pandemic is accelerating as telecommuting is providing consumers more flexibility to live further out within large metros or even to relocate to more affordable, smaller metro areas.”
Can you work from home? Are you open to a longer commute in the future? If so, a move to the suburbs or even a quieter rural area may be a win for you. Or, if you’ve always dreamed of life in the city, now may be your chance to move into town.
Boston Real Estate and the Bottom Line
As we look beyond the trials of the pandemic, many are hoping for a new beginning, and that may mean moving. Let’s connect today to talk about your new goals and options in today’s market.