New York City facing costly urban exodus

  • New York

Published on 12/15/2020 at 10:12 p.m.


With the health crisis, many Ile-de-France residents have chosen to settle in other departments, opting for Eure-et-Loir, Yonne or even Oise. A phenomenon of urban exodus which is obviously not a French specificity. The New York area lost some 70,000 inhabitants in net between early January and early December, according to a study released Tuesday, which estimates the corresponding drop in income at $ 34 billion. Since the start of the pandemic, thousands of wealthy households have settled in the suburbs of New York, or even much further, as far as Vermont or Pennsylvania.

According to the collection and analysis of data related to mobility Unacast, about 3.5 million people have settled in the New York metropolis, when 3.57 million left between January 1 and December 7 . These figures are based on data collected from smartphones with the consent of their owners. Once collected, the information is aggregated and anonymized. Analysis of the data shows that while the aggregate income of the 3.5 million people who have settled in the region since the start of the year was $ 264 billion, that of the 3.57 million people left was 298 billion. This represents a difference of 34 billion dollars in net, which shows that the average income of the departures (83,473 dollars per year) was much higher than that of the arrivals (75,428).

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“New residents earn considerably less than those who have left,” the study authors analyze. “This means they can afford less in terms of home loans, rent, restaurants or shopping.” According to figures released by real estate listing site Streeteasy, rents in Manhattan fell 7.8% in the third quarter compared to the same period a year earlier. The median rent (half above, half below) stood at $ 2,990, the lowest level since 2011.

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