No more New York: People are trying to flee the Empire State to warmer destinations. Here’s why.

New York, maybe people don’t quite love you anymore.

according to a new report From April 1, 2020 to July 1, 2021, New York lost more residents than any other state, according to moveBuddha, a website that helps people calculate their moving expenses US Census Bureau population estimates.

During this period, the state lost 319,020 people. According to the Census Bureau, the 2020 population of New York State was 20.2 million.

The report also used data collected from users who searched moveBuddha’s website for relocation opportunities between January 1, 2022 and August 5, 2022. During this period there were around 282,000 inquiries.

New York is the fourth most wanted state moving out this year, the company added. That’s behind New Jersey, California and Illinois.

People are leaving 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 search on moveBuddha. About 20% of New Yorkers who wanted to move planned to go to Florida, followed by California and Texas.

Of course, some parts of New York City are still hot. Rising rents and increasing pressure on employees to be in the office drives the demand for housing in the city.

There’s also evidence that some people who left New York City earlier in the pandemic are coming back. And some are willing to spend on real estate. Out of towners returning to New York (many of whom are actually returning former residents) have an average maximum housing budget of $1.3 million, while local residents budget an average maximum of $998,011 for a home purchase have, as revealed by a recent Redfin report.

But moveBuddha says neighborhoods in Queens, the Bronx and Brooklyn all have more people looking to leave rather than move in this year.

The report also found that four of the top 10 counties that saw population declines over the same period are in New York City: New York County (i.e., Manhattan), Kings County (i.e., Brooklyn), Bronx County, and Queens County.

Based on users searching moveBuddha’s website, the number of moves exceeded the number of moves in Jamaica, NY, Bronx, NY and Staten Island, NY the fastest.

In other words, for every 100 people who moved out of Jamaica, only 27 people moved in. There were 36 in the Bronx and 27 on Staten Island.

The most popular city of origin for people moving to New York is San Francisco, moveBuddha added.

Nonetheless, there were some gains for the Empire State: moveBuddha saw many more people moving in than moving out in Webster, NY, Ithaca, NY, and Fairport, NY

The typical home price in Webster and Fairport, also known as Rochester, NY, was reported to be around $218,000 Zillow’s Home Value Index. Home values ​​have increased by 11.2% compared to the previous year.

In Ithaca, a college town, the typical home is reported to cost about $302,000 Zilov. Homes have increased in value by 21.3% compared to the previous year.

Do you have thoughts about the housing market? Write to MarketWatch reporter Aarthi Swaminathan at aarthi@marketwatch.com

https://www.marketwatch.com/story/no-more-new-york-people-are-trying-to-flee-the-empire-state-for-warmer-destinations-no-thanks-to-higher-rents-and-cost-of-living-11663097876?rss=1&siteid=rss No more New York: People are trying to flee the Empire State to warmer destinations. Here’s why.

Brian Lowry

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