(New York, NY)— When you think of the most expensive places to live its no surprise that New York City instantly comes to mind. The cost of living in the big apple has progressively increased throughout the years.
In a March 2019 report by Apartment List, reported the median monthly rent of New York City versus other major U.S cities. The report listed Philadelphia, Washington D.C, Boston, and Los Angeles. For a studio in New York City, the median rent is $1,889, in the other major cities, the rent ranges from $400-$1074 cheaper.
The bigger the space the pricer your rent will get, for a three-bedroom apartment you’ll pay a median of $3,222 whereas in Philadelphia you may be paying just $1,462. What a difference right?! It is no surprise that more and more people are moving out of New York City.
So how many people are leaving NYC?
According to an article by Bloomberg, “New York leads all U.S metro areas as the largest net loser with 277 people moving every day.” Just a year ago the net average of people departing from NYC was 132, New York City was in a roster alongside Los Angeles and Chicago who had daily losses of 201 and 161.
You may be asking, where is everyone moving to? With expenses steadily increasing in major cities such as NYC, the lastest cities benefiting from these migrations are Dallas, Phoenix, Orlando, Tampa, Atlanta, Las Vegas, and Austin.
Dallas has topped the flux of new residents averaging in on about 212 people every day.
Why exactly are people leaving?
Major reasons why people are leaving NYC are taxes and insanely high prices for homes! In 2018 it was estimated that about 200,000 NYC residents were fleeing the city. According to a statistical report by PayScale, New York’s cost of living is 129% higher than the national average and New York’s housing expenses are 369% higher than the national average.