Droves of people are moving out of Boston. Their top destination? Portland, Maine.

Genuine Estate

Here’s what a realtor had to say.

A jogger operates toward Bug Light-weight when a lobster boat heads out of Portland Harbor less than relaxed problems, Tuesday morning. June 7, 2022, in Portland, Maine. AP Picture/Robert F. Bukaty

Men and women are shifting out of Boston and settling in Portland, Maine, a new review reveals.

Data from real estate brokerage company Redfin destinations Boston as the fifth most widespread metro region folks are leaving, with 19% of regional users browsing elsewhere. Portland, Maine, is the most well known spot for Boston people searching to shift, centered on Redfin lookup information.

Lynn Hallett, a broker and proprietor of Town and Shore Serious Estate in Portland, suggests this is almost nothing new — she’s found a huge quantity of Boston citizens searching to transfer north. In reality, she made the transfer herself 35 several years back.

“Back then, my close friends and family members did not know what was north of Boston,” she explained. “Now the similar folks possibly have come or want to arrive.”

Why Portland?

A mix of regional society and everyday living alterations delivers people to Portland, Hallett mentioned.

The real estate agent referenced the town’s historic architecture and rich cafe scene as driving cultural factors. She also stated the coastal city presents entry to the ocean, mother nature, and “a slower speed of life” for these searching to get out of the city.

“Everything is available. Not to knock on Boston, but in this article in Portland, we never have to wait around in very long lines for a restaurant, the symphony, or theatre.”

Portland is a little under two several hours from Boston by motor vehicle, and also borders a state park. Hallett characteristics at minimum 60% of her business to people today relocating to Maine. She has observed potential buyers from New England states like Massachusetts, and as far as California and Texas.

Redfin notes that the pandemic has made men and women reevaluate their housing possibilities. The examine states that thanks to an uptick in distant perform in the last two several years, far more than just one-third of American work-holders can get the job done from home whole time. This makes it possible for end users to relocate for lower residence charges. 

Hallett stated her small business has greater because lockdowns commenced, and that remote employees make up a significant portion of her clientele.

“You can function from everywhere, so why not operate from Portland, Maine?”

Inflation and pricing

Approximately a person-quarter (24.2%) of homebuyers nationwide appeared to shift to a unique metro location in the third quarter, the Redfin report claimed. The study characteristics the exodus mainly to funds, citing details that shows that the standard Portland residence costs about $200,000 significantly less than that in Boston. 

“With a economic downturn looming and household costs substantial, a lot of persons can’t pay for to obtain a residence in an high-priced space and/or want to conserve dollars in case of an unexpected emergency, which tends to make relocating somewhere more very affordable an interesting solution,” Redfin Economics Exploration Lead Chen Zhao stated in the research. 

But Hallett suggests that in her encounter providing homes, low pricing in Portland is not generally what it looks.

“One of the points I have to do with new buyers is educate them. The perception is that they are likely to be spending much less for the exact matter they would get in a put like Boston, but that is not definitely the case.”

Hallett claimed she has found price ranges all around Maine boost drastically considering the fact that 2020. The higher Portland region, she explained, has had at minimum a 20% improve in pricing in the very last several years. In accordance to information from Zillow, the typical price tag of a home in Portland has increased 10% in the final yr alone. 

“If you seem at new, downtown condos comparable to these in Boston, the cost is quite darn comparable,” she explained. “It’s massive demand from customers, and decrease stock — straightforward economics.”