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I'm not sure you realize the sheer number of people that are going to leave many of these U.S. cities now that so many can work from home.
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I hear this type of thing every day from NY people.
NY magazine, May 9: "What will life be like after lockdown?" NY is fun, you love it, great. I like that city too. But many people are there only because of the job. You can say bye to this person.
NY magazine, May 9: "What will life be like after lockdown?" NY is fun, you love it, great. I like that city too. But many people are there only because of the job. You can say bye to this person.
How about California? In September 2019, Berkeley's IGS conducted a poll that showed 14% of residents rated it a "rather poor place to live," the highest level in 28 years…
https://escholarship.org/uc/item/96j2704t
https://escholarship.org/uc/item/96j2704t
You see L.A. home price growth of 5% a year for 20 years, even with the Lehman crash, and it's no surprise that California is second only to Illinois in U-Haul's net "out" migration. https://twitter.com/JeffWeniger/status/1273236451317084160
Chicago isn't on the "most expensive cities list," but I live there and I'll tell you they are leaving already. The state ranked 50th for tax friendliness by Kiplinger.
Washington is a zero tax state, so the Californians go there. But will they go to Seattle, the 7th most expensive city in the Quicken Loans study? Not likely. https://twitter.com/JeffWeniger/status/1271470010221854726
The exodus will blow out the migration numbers you saw in prior years.
Here is where they may go. The National Association of Realtors made this Top 10 list of housing destinations for Millennials. It probably applies to many age groups.
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Here is where they may go. The National Association of Realtors made this Top 10 list of housing destinations for Millennials. It probably applies to many age groups.
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