New York City was once a mecca for anyone looking to make it big in fashion, finance, advertising and media – but increasingly, renters in the city are looking to move elsewhere, according to a new report.
An estimated 32.3 percent of apartment hunters living in New York are looking to move elsewhere, a study published by Apartment List on Wednesday found, and at least 24.2 percent of those individuals are looking for a place to live outside of the New York metro area.
Among renters looking to leave New York, the most popular destinations were: Boston (9.2 percent), Miami (6.6 percent) and Los Angeles (5.9 percent).
"As far as the users who are looking to leave the New York City area, we found that of all our users who are currently living the New York City metro, 32.7 percent are looking to move elsewhere," Chris Salviati, a housing economist for Apartment List, told Staten Island Live.
New York ranks as twelfth in terms of individuals who are leaving among the 25 biggest cities in the U.S.
"New York City is the nation's largest metro, with plentiful job opportunities across a wide range of industries," Salviati said. "For this reason, it attracts renters from around the country. But because of the high cost of living and fast-paced lifestyle, many who start their careers in New York eventually move to other parts of the country."
The diaspora is a result of several factors, like high state taxes and the city's astronomical cost of living.
In the wake of President Trump's 2017 tax overhaul, which placed a $10,000 cap on state and local tax deductions, a slew of powerful financial companies like the publicly traded Icahn Enterprises (owned by Carl Icahn) in fleeing New York for lower-tax destinations like Florida, Tennessee and Texas.
According to a recent study published by United Van Lines National Movers, among states, New York ranked as third in the number of outbound migrations in 2019. Most of the individuals leaving New York were members of the highest-income brackets, the study found.
"While the 2020 Migration Report reveals what seemed to be staggering numbers, this should come to no surprise to anyone, as it just confirms what we’ve been seeing on the ground," Salviati said.
The cost of living in cities where New Yorkers are heading are substantially lower: Boston, 18.27 percent lower, Miami, 26.53 percent lower and Los Angeles 24.04 percent lower.