New York Is Hemorrhaging Young People To Philadelphia
New York continues to attract ambitious young people, but apparently it’s also getting pretty good at showing them the door.
The metro area recorded the largest net loss of Gen Z residents in the country in 2024, with nearly 30,000 more young adults leaving than arriving, according to Census data analyzed by Redfin, according to the NY Post. Millennials were even more eager to pack up, producing a net outflow of almost 43,000 people ages 28 to 43.
The Post writes that a sizable portion of those departures didn’t involve moving halfway across the country. More than 9,200 Gen Z residents went from the New York metro area to Philadelphia, making it the second-busiest migration route for that generation nationwide. Only the roughly 60-mile move from Los Angeles to Riverside attracted more Gen Z movers.
The economics aren’t particularly difficult to understand. Redfin estimates a typical New York-area home costs roughly $832,000, compared with about $309,000 in Philadelphia. That leaves plenty of room for someone to trade New York for a cheaper city while remaining close enough to friends, family and jobs in the Northeast.
And then there are New York’s famously welcoming taxes. Between state and city income taxes, eye-watering housing costs and the general expense of existing within the five boroughs, New York has constructed a fairly impressive financial obstacle course for anyone trying to accumulate savings or buy a home.
Apparently, some younger residents have discovered that one solution to the affordability problem is simply crossing a state line.
The trend extends beyond New York. Los Angeles also experienced sizable departures, with San Diego and Riverside among the most common destinations for Gen Z movers. Millennials, meanwhile, gravitated toward metros including Houston, Dallas, Baltimore, Las Vegas and Atlanta, where housing generally remains considerably cheaper than in the largest coastal cities.
The numbers suggest younger Americans aren’t necessarily searching for the absolute cheapest place to live. Instead, many appear to be making relatively short moves that improve affordability or employment prospects while keeping their existing social and professional connections within reach.
Redfin based its findings on the Census Bureau’s 2024 American Community Survey, defining adult Gen Zers as ages 19 to 27 and millennials as ages 28 to 43.
Tyler Durden Tue, 09/22/2026 - 21:20
Continue reading...
[ H/T ZeroHedge ]
New York continues to attract ambitious young people, but apparently it’s also getting pretty good at showing them the door.
The metro area recorded the largest net loss of Gen Z residents in the country in 2024, with nearly 30,000 more young adults leaving than arriving, according to Census data analyzed by Redfin, according to the NY Post. Millennials were even more eager to pack up, producing a net outflow of almost 43,000 people ages 28 to 43.
The Post writes that a sizable portion of those departures didn’t involve moving halfway across the country. More than 9,200 Gen Z residents went from the New York metro area to Philadelphia, making it the second-busiest migration route for that generation nationwide. Only the roughly 60-mile move from Los Angeles to Riverside attracted more Gen Z movers.
The economics aren’t particularly difficult to understand. Redfin estimates a typical New York-area home costs roughly $832,000, compared with about $309,000 in Philadelphia. That leaves plenty of room for someone to trade New York for a cheaper city while remaining close enough to friends, family and jobs in the Northeast.
And then there are New York’s famously welcoming taxes. Between state and city income taxes, eye-watering housing costs and the general expense of existing within the five boroughs, New York has constructed a fairly impressive financial obstacle course for anyone trying to accumulate savings or buy a home.
Apparently, some younger residents have discovered that one solution to the affordability problem is simply crossing a state line.
The trend extends beyond New York. Los Angeles also experienced sizable departures, with San Diego and Riverside among the most common destinations for Gen Z movers. Millennials, meanwhile, gravitated toward metros including Houston, Dallas, Baltimore, Las Vegas and Atlanta, where housing generally remains considerably cheaper than in the largest coastal cities.
The numbers suggest younger Americans aren’t necessarily searching for the absolute cheapest place to live. Instead, many appear to be making relatively short moves that improve affordability or employment prospects while keeping their existing social and professional connections within reach.
Redfin based its findings on the Census Bureau’s 2024 American Community Survey, defining adult Gen Zers as ages 19 to 27 and millennials as ages 28 to 43.
Tyler Durden Tue, 09/22/2026 - 21:20
Continue reading...
[ H/T ZeroHedge ]
