Tons of New Yorkers want to leave the city
One-third of New Yorkers want to ditch the Big Apple.
A study by brokerage and real estate listings hub Redfin found that 34 percent of its New York City users searched for properties outside of the city, Bloomberg reported.
It gets worse. Of that 34 percent, most looked at homes in our city’s archrival: Boston. The data, released earlier this month, also shows New Yorkers browsing homes in Miami and Atlanta.
It’s a nationwide phenomenon. Given rising prices and limited inventory, wannabe home buyers currently living in expensive cities are looking at secondary markets. Of the 21 percent of San Franciscans searching outside the Bay Area, most are eyeing cheaper Sacramento. Seattle residents are ogling less costly counties in sunny Los Angeles, while Washington, DC, dwellers examine nearby Philadelphia.
And while searches don’t reflect actual home purchases or relocations, Redfin says they’re a leading indicator of eventual moves.
Redfin senior economist Taylor Marr reported that, in 2015, Bay Area residents were searching outside the city for homes, and by 2016, census data revealed that San Francisco had lost residents.
The Big Apple better brace for a mass exodus.