While the top metros across the country may be combatting rising rents with booming job markets, lower-income households are being pushed out, according Trulia research. In New York City, the relocation rate for low-income earners earning less than $60,000 per year was 18 percent as of 2014.
- While the number of people making more money in the top metros is growing, those earning less than $30,000 per year has fallen only 2.2 percent.
- The years between 2009 and 2014 had the greatest share of people moving out of the 10 most expensive cities at 25.5 percent.
- Lower-paying occupations, by far, had higher move rates.
- Millennials move at a greater rate than expected across the board, with 51.1 percent share of migrations and highest move-away rate relative to expectation at 105.6 percent
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Inman Connect New York | January 29 - February 1, 2019