The city that never sleeps and the city of broad shoulders might be getting a bit tired and atrophied, respectively. Chicago and New York, two of the three biggest cities in the country, are also at the top of the list for cities people are bailing on like a ship taking on water.
As Annie Radecki, senior manager at John Burns Real Estate Consulting, reports, U-Haul moving truck price disparities can indicate where people are moving before anything more official comes along, and these price disparities don’t look good for many Midwest and Northeast cities.
The idea behind using U-Haul price disparities makes sense; the more people there are moving to a particular city the more trucks there will eventually be in that city. Thus, the price will go down to rent a truck from that city and take it somewhere else. The reverse is also true.
For example, on average, it costs $2,455 to drive a truck to Portland, Ore., from one of the other 15 cities John Burns Consulting analyzed. However, it only costs $952 to drive a truck from Portland. That is a 61% difference.
Getting back to New York and Chicago, it costs 119% more to rent a truck and drive it from New York than to it, and 101% more to do the same with Chicago.
All of this points to the fact that places like New York, Chicago, Philadelphia (86% more expensive), and Boston (83% more expensive) are bleeding like stuck pigs.
You may be asking yourself, where are these former Midwest and Northeast residents headed? The answer is to open waters in the South and the Northwest, where the cost of living is more affordable.
Portland may be at the top of the list, but Seattle, Phoenix, Atlanta, and Austin rank in at 53%, 47%, 42%, and 38% less expensive to rent a U-Haul from, as well.
While city living might be growing in its appeal, the appeal of these high-cost, mature cities seems to be waning while newer cities with better job markets and lower costs are growing in popularity.
Related Stories
Industry Research | Aug 29, 2019
Construction firms expect labor shortages to worsen over the next year
A new AGC-Autodesk survey finds more companies turning to technology to support their jobsites.
Codes and Standards | Aug 29, 2019
Industry leaders ask for government help as trades shortage worsens
AGC asks for more funding for education and increased immigration to fill gaps.
Multifamily Housing | Aug 19, 2019
Top 10 outdoor amenities in multifamily housing for 2019
Top 10 results in the “Outdoor Amenities” category in our Multifamily Design+Construction Amenities Survey 2019.
Multifamily Housing | Aug 12, 2019
Multifamily Amenities 2019: Rethinking the $30,000 cup of coffee
What amenities are “must-have” rather than “nice to have” for the local market? Which amenities will attract the renters or buyers you’re targeting? The 2019 Multifamily Amenities Survey measured 113 amenity choices.
Codes and Standards | Jun 27, 2019
Public restrooms being used for changing clothes, phone conversations, and 'getting away'
About 60% of Americans use a public restroom one to five times a week, according to the latest annual hand washing survey conducted by Bradley Corporation.
Industry Research | Jun 11, 2019
New research suggests individual work spaces increase productivity
The research was conducted by Perkins Eastman and Three H.
Industry Research | Apr 8, 2019
New research finds benefits to hiring architectural services based on qualifications
Government agencies gain by evaluating beyond price, according to a new Dodge survey of government officials.
Office Buildings | Jul 17, 2018
Transwestern report: Office buildings near transit earn 65% higher lease rates
Analysis of 15 major metros shows the average rent in central business districts was $43.48/sf for transit-accessible buildings versus $26.01/sf for car-dependent buildings.
Market Data | May 29, 2018
America’s fastest-growing cities: San Antonio, Phoenix lead population growth
San Antonio added 24,208 people between July 2016 and July 2017, according to U.S. Census Bureau data.
Industry Research | Jan 30, 2018
AIA’s Kermit Baker: Five signs of an impending upturn in construction spending
Tax reform implications and rebuilding from natural disasters are among the reasons AIA’s Chief Economist is optimistic for 2018 and 2019.