Nearly 80,000 people left New York City last year, according to the latest data from the Census Bureau.
The motivation for many is that rents in big cities are very high, and people are seeking a more affordable lifestyle.
And only half of those who remain plan to continue living in the city over the next five years. Only 30% of current residents say they are happy in the Big Apple, according to a recent survey by The Citizens Budget Commission.
The average price of a one-bedroom apartment in the United States is $1,208. This represents an increase of $24 per month since 2022.
The situation is partly a result of the pandemic, when fewer developers built new apartment buildings. Only a quarter of what should have been built was completed in 2023. The consequences of this are being felt now, namely, a housing shortage.
To make matters worse, higher interest rates are causing people to delay selling their properties to buy others, leaving the real estate market stagnant.
Other states seeing people fleeing their major centers include California, Illinois, and Pennsylvania. The states that are experiencing an increase in the number of people arriving are Arizona, Texas, and Florida.