Report reveals residents are leaving New York and heading to cheaper cities

Many leave the pricey city

Moving on a summer day

(NEW YORK, NY) Life in New York City is expensive!

The data team analyzed U.S. Census Bureau population data from 2012-2016 and ranked cities in order from biggest population gains to biggest population losses.

As one would expect, cities with low taxes and affordable housing said hello to new residents while the pricier cities said goodbye.

Anyway, to cut to the chase, New York ranked number one as the city that lost the most residents. According to the report, the city’s median list price was $529,050, and it saw a loss of 222,959 of residents.

To put those numbers into perspective, let’s compare them with the city that had the most newcomers, Phoenix. The city’s median list price was $329,975, which attracted 37, 188 residents.

Why are so many people leaving New York City? Crowded subways, high rent, and busy streets are just a few guesses. The report states that compared with previous generations, it takes five to six years longer for millennials to move out of the house. School loans and low-salary jobs are just a few reasons why millennials are taking longer to leave the nest.

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