Hundreds of thousands of New Yorkers have left the city over the past two years to live in cheaper towns across the United States, according to a recent report from a real estate data company.
PropertyShark’s latest report showed that more than 352,000 fed-up New Yorkers left the Big Apple in 2022, citing affordability reasons.
The report, which examined the latest IRS data on address changes to see where New Yorkers were heading, also found that remote working made these moves easier for individuals and families.
But the city is not becoming an empty wasteland, as the report also noted an influx of new New Yorkers. While New York’s output was greater than its input, 174,000 people moved into the bustling city, hailing from places including upstate New York, New Jersey, California and Florida.
“Although NYC was not spared from the outflow of residents moving away, it nevertheless continued to attract transplants from elsewhere in the country,” Ioana Ginsac, wrote in an article about the report. “So, for a more granular understanding of recent domestic migration in and out of the five boroughs, we looked at the most recent IRS data on year-to-year address changes reported on individual income tax returns.“
High earners were most likely to move into the New York than out of it, specifically those earning $100,000 year or more.
Research from April 2024 backs up this point. A study released by SmartAsset, a consumer-focused financial company, showed that on average, a family of four needs to make at least $318,406 in order to live comfortably in the city.
Despite the mass exodus, Mayor Eric Adams’ administration has been spearheading initiatives to keep high costs of living down in the city. According to Kayla Mamelak Altus, press secretary for the mayor, the administration is using “every tool in our toolbox to put money back in the pockets of New Yorkers” and address the major issues driving up the cost of living.
“On the city level, since taking office, Mayor Adams has helped New Yorkers save more than $30 billion by launching, administering, and helping New Yorkers take advantage of programs at all levels of government, from accessing free internet through Big Apple Connect to reduced subway fares through the Fair Fares program, and earning money for groceries, rent, and day-to-day needs by increasing the Earned Income Tax Credit,” Altus said.
In December, the mayor also called on the state to pass the “Axe the Tax for the Working Class,” which would do away with personal income taxes for those who have at least one dependent making at or below the 150% of the federal poverty level.
“In Albany, we are calling for the state to pass ‘Axe the Tax for the Working Class,’ a bold proposal to eliminate New York City income taxes for hundreds of thousands of working-class New Yorkers and their families here in the five boroughs, while also lowering taxes for even more of our city’s residents,” Altus said.
The New York shuffle
Another group of about 125,500 New Yorkers simply moved within the sprawling city, according to the PropertyShark report, bouncing from one borough to the other, with Manhattan taking in the most intra-city movers.
The city’s smallest-sized borough welcomed more than 10,800 former Brooklyn residents; around 8,400 people from the Bronx; just more than 6,000 residents from Queens; and a little more than 700 from Staten Island.
Conversely, more than 35,300 Manhattanites moved to the outer boroughs, with recent home sales reaching a median price of $1 million, the report showed.
Leaving New York State
A 2024 study by Atlas Van Lines, showed similar state-wide data. According to the moving company’s Migration Patterns Study, New York is a top outbound state, with 56% of recorded moves headed elsewhere in America from Nov. 1, 2023, to Oct. 31, 2024. (Louisiana topped the list of outbound states, followed by California, Illinois, South Dakota and then New York.)
Why are people moving out of the entire state, not just New York City? It’s not just about affordability, but also being closer to family, the report found.
“Three of the most populous and expensive states to live in – California, Illinois, and New York – were on this year’s outbound list,” according to a press release from Atlas. “Illinois and New York have remained firmly on the outbound list for over five years, but California was balanced from 2022 to 2024.”
Where are New Yorkers moving?
Most of the 352,000 residents who left the Big Apple in 2022 did not go far, according to the PropertyShark report.
Nearly 51% of outgoing New Yorkers stayed in the tri-state region, with about 179,000 relocated to various counties within the state, New Jersey, and Connecticut.
According to the report, this suggests that they were likely driven out by the city’s housing shortage or high cost of living but did not want to leave their home base altogether.