New York City is one of the most desirable real estate markets in the country—if not the world. The pandemic of 2020 saw many people move out of the crowded urban space, but a vast majority of them have returned along with plenty of other new residents. From midtown Manhattan to Brooklyn and the other boroughs, NYC will always be an attractive place to live.
New York Migration Patterns
Crains recently released an interesting article featuring domestic migration patterns relating to New York. They compiled research from several sources. They focused on young adults between the ages of 16 and 26 to see who were moving to and from New York—and the other big cities where they were coming from and going to. There were some truly fascinating stats in this study.
79 percent of young adults who were born in the New York area have stayed in the city. In general, they are staying because of better job opportunities. That means most millennials born in New York are still living here. Meanwhile, the city lifestyle continues to attract new residents coming from outside the area. New York is a desirable location for many.
Where Are Millennials Moving to if Leaving NYC?
Even those young adults who leave the city tend to stay in the Northeast. 1.94 percent of those surveyed moved to Newark, NJ while another 0.99 percent moved across the Hudson River to Bridgeport, CT. Boston, Washington D.C. and Philadelphia were other popular East Coast destinations. Los Angeles, Orlando, Atlanta and Miami were also in the top ten, but the highest migration percentage of any was only 0.73% (LA).
To compare this with other parts of the country, most millennials move an average of 181 miles away from home. For New Yorkers, that number is only an average of 150 miles.
Who is Moving to New York?
As for people in this age range moving to New York from other areas, the numbers show a much wider reach. Newark is also the top city on this list, with a 3.22 percent migration rate of millennials moving from New Jersey to New York. Bridgeport, Boston and Philadelphia are the next three on the list. Meanwhile, there is a 1.17 percent migration rate for people coming from Los Angeles to New York. This is almost double the amount of people moving cross-country in the opposite direction!
Overall, the research shows that more young adults are moving to New York rather than moving away. This is good for the city and the local real estate market. Whether you are moving to or from New York City, contact Tom & Mickey today for help with all your real estate needs. From high-end luxury home buying and selling to rental opportunities, let our team help make your move go smoothly.