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
Market Data | Sep 21, 2017
Architecture Billings Index continues growth streak
Design services remain in high demand across all regions and in all major sectors.
Market Data | Sep 21, 2017
How brand research delivers competitive advantage
Brand research is a process that firms can use to measure their reputation and visibility in the marketplace.
Contractors | Sep 19, 2017
Commercial Construction Index finds high optimism in U.S. commercial construction industry
Hurricane recovery efforts expected to heighten concerns about labor scarcities in the south, where two-thirds of contractors already face worker shortages.
Multifamily Housing | Sep 15, 2017
Hurricane Harvey damaged fewer apartments in greater Houston than estimated
As of Sept. 14, 166 properties reported damage to 8,956 units, about 1.4% of the total supply of apartments, according to ApartmentData.com.
High-rise Construction | Sep 8, 2017
CTBUH determines fastest elevators and longest runs in the world in new TBIN Study
When it comes to the tallest skyscrapers in the world, the vertical commute in the building becomes just as important as the horizontal commute through the city.
Multifamily Housing | Sep 5, 2017
Free WiFi, meeting rooms most popular business services amenities in multifamily developments
Complimentary, building-wide WiFi is more or less a given for marketing purposes in the multifamily arena.
Market Data | Sep 5, 2017
Nonresidential construction declines again, public and private sector down in July
Weakness in spending was widespread.
Market Data | Aug 29, 2017
Hidden opportunities emerge from construction industry challenges
JLL’s latest construction report shows stability ahead with tech and innovation leading the way.
Architects | Aug 21, 2017
AIA: Architectural salaries exceed gains in the broader economy
AIA’s latest compensation report finds average compensation for staff positions up 2.8% from early 2015.
Market Data | Aug 17, 2017
Marcum Commercial Construction Index reports second quarter spending increase in commercial and office construction
Spending in all 12 of the remaining nonresidential construction subsectors retreated on both an annualized and monthly basis.