Verified means that the address has been verified to be yours along with the bank account.
You have to change you address in your pay pal then. Verified means that the bank account has to be the same address too. It only take a few minutes. Go to your online banking and update your address. Then update your address in your paypal. If you need help, call paypal customer service they can help you with anything in less than 5 minutes.
-TwisT