Have you noticed a new neighbor or two? You’re not alone. Denver has been a popular destination for people relocating during the COVID-19 pandemic.
Using LinkedIn profiles, Bloomberg found Denver ranked No. 8 for the most-moved-to city in the United States from April 2020 to October 2020. The analysis compared the number of people leaving and entering zip codes among the 174 million U.S. based LinkedIn users.
The top five most-moved-to cities during the COVID-19 pandemic:
- Austin, TX
- Phoenix, AZ
- Nashville, TN
- Tampa, FL
- Jacksonville, FL
Meanwhile, Hartford, Conn., New York City and the San Francisco Bay Area saw the biggest outflow of people.
For every one person that moved out of Denver in that period, 1.34 people moved in, the study found. Reasons for relocation range from remote office work rendering working in any one place meaningless to seeking fewer crowds. According to HireAHelper’s migration report, 15 percent of people specifically named the pandemic as their reason for moving.
Unlike many of the cities where people have moved to the most, Denver’s cost of living is relativity high. Denver has seen an 11% increase in apartment rental applications this year which kept rents higher and a low inventory of homes for sale has left buyers with few options.
Cities in states with low or zero income taxes attracted the most people, hence Florida and Texas have become such popular destinations. Colorado’s 4.63% top marginal individual income tax rate is still much lower than California and New York’s, which come in at 13.30% and 8.82%.
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