Reverse Migration: Shifting to Cities Whereas Others Flee
John Pham is an insurance strategist who also runs a popular personal finance blog, The Money Ninja. When the pandemic broke out, he owned a three-bedroom home in Lawrence, Massachusetts, and realized that he should seek his own financial advice.
“I felt it was a good time to sell high in the suburbs and buy low in Boston,” he said.
Mr Pham, 39, was a bachelor when he bought his house in 2008, but in 2018 he met Maryna Stasenko, 35, a Ukrainian-born fashion blogger, and married her. She was keen to move to a more urban setting, and Mr. Pham, who had been working from home for a year, was in no hurry to return to his more than an hour downtown commute. He was also fed up with renovation projects.
“As a busy professional in the late 1930s, you just have less time to mow the lawn and paint the deck,” he said.
The couple launched their home for $ 280,000 in October 2020. Within a week, they had 16 offers, including a cash buyer offering $ 320,000 with no contingent liabilities. They accepted and moved to a 1,300-square-foot apartment in Boston with views of the skyline and harbor in February.
The city is still silent from Covid-19, but they hope that the restaurants, museums and attractions will come back to life in the summer.
“My job is to see what will happen in the future and make my best guesses,” said Pham. “Are the prices better if you move into town now? Are my predictions correct? I think a lot of people who have moved out of town will think down the street, “OK, Now I have more space and the home office, but I really miss everything a city like Boston has to offer. ‘“
