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Moving in 2021

The COVID-19 Pandemic has created a massive disruption to the economy as a whole all around the world. Here in America, folks have been hit incredibly hard. The change in the way we do things has created situations for some that are devastating, while others have embraced the new normal and changed their lives. If you are thinking about moving from where you currently live to a completely different area – you aren't alone.

A study by Pew Research Center found that roughly 22 percent of American adults either changed their residence due to COVID-19 or they personally know someone who did. The total picture is quite an eye-opener – in total, three percent of Americans moved due to the pandemic either for a while or for good.

It isn’t just people moving homes but rather also having someone move into your home due to the pandemic that caused disruption. Six percent of American adults had someone move into their household because of COVID. College campuses shutting and sending kids home had a big impact this year. All the empty nesters were suddenly thrust back into having a large nest again.

Moving temporarily might seem like a good idea but an article in The New York Times illustrated how some folks had been stuck overseas or on an island during the pandemic. As a lifestyle choice, some flew off to sunnier shores only to find themselves in dire straits, desperate and worried about the future. With travel being shut down or jobs being cut, they are on a beach with no way to navigate the uncertainty ahead.

If you are thinking about moving, there are a few places that rank better than the others. Research by U.S. News & World Report found that Boulder, Colorado came out top compared to everywhere else in the nation when it comes to a great place to live.

Surprisingly, it was unranked the previous year but in the age of COVID when folks were stuck at home while trying to find work, it scored high. An overall score of 7.8 out of 10 and an 8.7 in the job market category alone coupled with its natural landscape and outdoor activities meant it beat out other places that had previously ranked high.

Some cities were hit harder than others in 2019 and Washington, D.C. saw its fair share of unrest. The capital plunged 11 places down to No. 30, an unheard-of drop in perceived standard of living for such a bastion of American life. 

Other areas, like Charlotte, North Carolina, which has “desirability and housing affordability”, shot up the rankings the same way that Boulder did. Charlotte moved up 14 slots to No. 6 overall taking over from Minneapolis-St. Paul, which dropped from No. 6 to 22nd.

No matter where you move to in 2021 you’ll be wanting to make sure you are moving in the right direction. This year is going to be a challenge and until the pandemic is in our rearview mirror we have to live with it.  That means getting the best quality of life we can. For sone that may remain Minneapolis-St. Paul or D.C. but for many, cities like Boulder, Colorado is going to be home from now on.

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

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