More than one-third of New Yorkers plan to move in the next year. Over 40% of New York citizens claim that the Big Apple is unaffordable, and it’s a fact they pay 1.3 times more for housing than average Americans. These and more numbers were produced in the latest report done by StreetEasy, which also came up with some interesting results concerning millennials. Why are millennials leaving New York and are they just a part of the greater exodus? Also, where are they choosing to go instead? We’ll do our best to answer these and more questions through the course of our article.
Let’s look into the reasons why New Yorkers are leaving at an alarming rate. One thing is for sure, no matter how many moves from New York City, more will come to try their luck. There was and will always be a great influx of people coming steadily to the city that never sleeps.
Millennials Leaving New York Due to High Cost of Living
If you ever stayed in New York, you would know that the main topic of conversation here is the “costly” cost of living. The mutual emotion among all New Yorkers is the frustration over how expensive everything is. This is a far cry from New York City of the 70’s. In spite of ridicules prices, look around and you’ll see millennials everywhere. They keep flocking to the Big Apple from other states in an attempt to seize endless job opportunities NYC has to offer. In my opinion, they’re aiming for a cooler image on social networks as well. Millennials value their social media persona above all else as this is something of essential value for the generation. And New York City is a pretty cool place for “tagging yourself in”.
Millennials are More Likely to Live Above Their Means
According to the previously mentioned report, The Me Me Me Generation is more likely to exceed their housing budget than any other generation living in New York. This almost comes as a no surprise to many who came across a millennial once or twice. Aspirations of owning a home run high among the generation, in spite of rising housing costs and budgeting constraints. It’s no wonder millennials leaving New York is such a common occurrence.
StreetEasy surveyed homeowners across all 5 boroughs-Manhattan, Bronx, Brooklyn, Queens, and Staten Island, to try to explain the struggles New Yorkers face in search of affordable housing in NYC. The results illustrate the effects of the rapid rise in prices and rents over the last decade. What they also found, is that 45% of the millennials choose to live above their means. They acquired a more expensive home than they’d planned in the first place.
Rents Have Increased Twice as Much as Wages in the Past Decade
Which basically means you can’t afford to live here, according to StreetEasy. You are looking at a median wage that has increased 1.8% in the last decade while the rent went up twice as much over the same period.
- Rent growth is faster than income growth in NYC
- Rents that increased the most are the lowest-priced ones
- The lowest earners got the smallest paycheck raises
All these key facts affect millennials the most, which are the ones trying to get into those low-price apartments and have the least paying jobs. At this paste, millennials will keep relocating from NY to other states in search of better prospects.
Maintaining the Particular Lifestyle that NYC Implies
The constant pressure of the particular lifestyle that comes with New York City is one of the main reasons for millennials leaving New York. Everything in this city is harder than anywhere else, that’s a fact. The young generations that are trying to succeed here now are having the hardest time. Succeeding in New York is inevitably linked to climbing the professional ladder. This equals to the willingness to go above and beyond one’s limits in order to do so.
New York City is unforgiving and every aspect of life here is highly competitive. Hence the saying-if I make it here I’ll make it anywhere. All these reasons put a lot of pressure on millennials, who are now at the age of getting into junior management positions. There are certainly ways to escape anxiety in NYC, but it will get you, sooner or later. With the pace of life, this city forces onto you, be ready to forget about your personal life and close relationships. This is one of many high prices you have to be willing to pay to be able to call NYC your home.
Millennials Leaving New York for the West Coast?
New Yorkers who are not relocating to the nearby suburbs or New Jersey are likely to choose LA. The Los Angeles area proves to be the most popular among millennials as well. To be more specific, it’s the top destination for exiting Brooklynites, and the third-most popular region for migrating Manhattanites (after Westchester and Hudson counties). If you are among those who can’t get out of the Big Apple fast enough, consider safe storage units in NYC. Here are some of the facts that attract millennials to relocate to LA:
- The predictably good weather
- The proximity to nature and outdoor activities
- Less existential anxiety
- Cleaner living conditions
- LA is more family-friendly than having to raise a family in NYC
- More SPACE!
You can almost reverse the above bulletin list to get more reasons for millennials leaving New York. Every pro-LA gets is a con in NYC. For example, owning a car in LA is an everyday thing, owning a car in NYC is literally impossible! Look at living in NYC as more of a current lifestyle than a long-term solution. This city will take a lot from you but it will also give you a lot in return. It is what you make of it.