New York, maybe the people will never like you anymore.
New York lost more residents than any other state between April 1, 2020 and July 1, 2021, according to a new report by MoveBuddha, a site where people calculate their moving costs, according to U.S. Census Bureau population estimates.
During that period, the state lost 319,020 people. The population of New York State was According to the Census Bureau, it was 20.2 million in 2020.
The report used data collected between January 1, 2022 and August 5, 2022 from users searching for mobility options on the Hot Buddha website. There were about 282,000 queries during this period.
New York is the fourth most sought-after state to exit this year, the company added. That’s behind New Jersey, California and Illinois.
People leave because of unemployment or underemployment, rising rents, higher costs of living and higher taxes compared to other states, MoveBuddha said in the study.
People are leaving the Empire State for warmer pastures. It was the most popular quest from New York to Los Angeles in Buddha in Motion. About 20% of New Yorkers looking to move plan to move to Florida, followed by California and Texas.
Of course, some parts of New York City are still hot. Rising rents and increasing pressure for workers to be in the office are increasing the demand for apartments in the city.
There is also evidence that some people who left New York City early in the epidemic are returning. And some are ready to spend money on real estate. ‘City dwellers’ returning to New York (many returning former residents) have an average housing budget of $1.3 million, while local residents budget an average of $998,011 for a home purchase, according to a recent Redfin report. .
But Movement Buddha said neighborhoods in Queens, the Bronx and Brooklyn have more people looking to leave than move in this year.
The report found that four of the top 10 boroughs that saw population declines were in New York City: New York County (ie Manhattan), Kings County (ie Brooklyn), Bronx County and Queens County.
Based on users searching on the Mobile Buddha site, the number of moves exceeded the number of moves in Jamaica, NY, Bronx, NY and Staten Island, NY.
In other words, for every 100 people who left Jamaica, only 27 people entered. In the Bronx, that number was 36 and in Staten Island, 27.
San Francisco was the most popular hometown for people moving to New York, moveBuddha added.
Still, there were some benefits for the Empire State: moveBuddha saw more people move in than in Webster, New York, Ithaca, New York and Fairport, New York.
The median home price in Webster and Fairport, or otherwise known as Rochester, NY, was around $218,000, according to the Zillow Home Value Index. Home prices increased by 11.2 percent compared to last year.
In Ithaca, a college town, the average home is roughly $302,000, according to Zillow. Homes increased by 21.3 percent compared to last year.
Do you have an idea about the housing market? Write to MarketWatch reporter Aarthi Swaminathan at aarthi@marketwatch.com