Overburdened by their rent, plagued by stagnant wages, and with many of them cost-burdened, 39% of renters in the New York Metro area are looking to move out, according to a new report from Apartment List.
That’s a much higher number than the percentage of people outside the area that are trying to move in, which stands at 22.5%.
It’s been tough for New Yorkers and those in the surrounding region. From 2006-2017, the median rent increased by 13%. Meanwhile, the median income only increased by 4.4%. To make matters worse, 53% of New York renters are burdened by their housing costs, which means they pay over 30% of their income on rent. An additional 27.9% of New York metro renters are severely cost-burdened, which means they spend over 50% of their income on rent.
The New York Metro area comprises of New York City, Newark, Jersey City, and parts of New Jersey and Pennsylvania, a population of 20 million.
Where are the New York metro-dwellers going?
It looks like they’re fleeing to Boston, which accounts for 8.3% of all outbound searches on ApartmentList. Other possible landing spots include Miami (6.3%) and Washington, D.C. (5.6%).
Who’s coming to the New York metro area?
The area appears most popular among renters moving in from Washington, D.C. (8.9%), Philadelphia (8.5%), and Miami (4.8%).
Relatedly, a report by SmartAsset found that between 2015 and 2016, 4,867 affluent Millennials left New York for all points beyond.