Geographic Mobility Trends: New Englanders Still Aren’t Moving as Much as They Did before the Pandemic

Pinghui Wu

No 2024-3, New England Public Policy Center Regional Brief from Federal Reserve Bank of Boston

Abstract: Changes in remote/hybrid workplace options and housing market conditions in New England and throughout the United States since the onset of the COVID-19 pandemic have significantly affected people’s ability and willingness to relocate within a state, from one state to another, or from one region of the country to a different region. Businesses’ adoption of remote and hybrid work has weakened the traditional link between residence and workplace, affecting individuals’ choice of where to live. At the same time, persistently rapid growth in rent and house prices, along with fluctuations in mortgage rates, has made a substantial impact on the costs associated with relocating. These changes could have a profound effect in New England, which, over the past few decades, has experienced chronic housing shortages and has seen more US residents move out of the region than into it.

Keywords: New England; geographic mobility; COVID-19 (search for similar items in EconPapers)
Pages: 9
Date: 2024-09-23
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