A Pew Research Center survey found that 22% of Americans moved or knew someone who movedbecause of the COVID-19 pandemic. In August, Axios reported that rents in Manhattan were falling while people searching for new homes across the U.S. on the Compass Real Estate website were up 40%.
The mass exodus from major cities like New York was underway, accelerated by the COVID-19 pandemic. But that exodus may not be complete, and in some places in the U.S., it’s not even certain there is an exodus happening. Was the great mass migration of 2020 a mirage, the start (or continuation) of a broader long-term exodus of city residents seeking out the suburban lifestyle or just a blip on the radar? The answer could have profound impacts on freight movement in the years ahead.