Gone New York: People are trying to flee the Empire State for hotter destinations. Here’s why.
New York, maybe people don’t quite like you anymore.
According to a new report from moveBuddha, a site where people can calculate their moving costs, New York lost more residents than any other state between April 1, 2020 and July 1, 2021, according to US population estimates. Census Bureau.
During this period, the state lost 319,020 people. New York State’s population in 2020 was 20.2 million, according to the Census Bureau.
The report also used data collected from users searching for moving options on the moveBuddha website between January 1, 2022 and August 5, 2022. There were approximately 282,000 queries during this period. .
New York is the fourth most wanted state to leave this year, the company added. It’s behind New Jersey, California and Illinois.
People leave for reasons such as unemployment or underemployment, skyrocketing rents, high cost of living and high taxes, compared to other states, moveBuddha said in the study.
People also seem to be leaving the Empire State for warmer pastures. New York to Los Angeles was the most popular moveBuddha search. About 20% of New Yorkers wanting to move planned to go to Florida, followed by California and Texas.
Of course, some parts of New York are still hot. Rising rents and increasing pressure for workers to be in the office are driving demand for apartments in the city.
There is also evidence that some people who left New York earlier in the pandemic are coming back. And some are willing to spend on real estate. Returning “outsiders” to New York (many of whom are actually former returning residents) have an average maximum housing budget of $1.3 million, while locals have planned an average maximum $998,011 to buy a home, according to a recent Redfin report. .
But moveBuddha says neighborhoods in Queens, Bronx and Brooklyn all have more people looking to move out than move in this year.
The report also found that four of the top 10 counties that experienced population declines between the same period are in New York City: New York County (i.e. Manhattan), Kings County (c i.e. Brooklyn), Bronx County and Queens County.
Based on user searches on the moveBuddha site, the number of moves exceeded the number of fastest moves in Jamaica, NY, Bronx, NY and Staten Island, NY.
In other words, for every 100 people leaving Jamaica, only 27 people moved in. In the Bronx, that number was 36 and in Staten Island, 27.
The most popular hometown for people moving to New York is San Francisco, moveBuddha added.
Nonetheless, there have been gains for the Empire State: moveBuddha has seen far more people moving in than moving out in Webster, NY, Ithaca, NY, and Fairport, NY.
The price of a typical home in Webster and Fairport, or otherwise known as Rochester, NY, was around $218,000, according to Zillow’s Home Value Index. Home values increased by 11.2% over the previous year.
In Ithaca, a college town, the typical home costs around $302,000, according to Zillow. Home values are up 21.3% from a year ago.
Do you have ideas on the housing market? Write to MarketWatch reporter Aarthi Swaminathan at [email protected]