AgentMarkets & Economy

NYC relocation rate abnormally high for low earners

Rising rents in top metros forcing high share of low-income employees to relocate
  • 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

Wojtek Witkowski 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. Rent prices have increased at an average of 13 percent across the top cities where rents and home prices grew, including Chicago, Los Angeles, NYC, Oakland, Orange County, San Francisco, San Jose and Washington D.C. In addition, home values rose at an average of 12.5 percent between 2010 and 2014. During the same span, the share of households earning over $100,000 a year rose 3.6 percent. While the number of people making more money in the top metros is growing, those earning less than $30,000 per year (30 percent of households) has fallen only 2.2 percent. Who is leaving the nation’s top metros? Trulia refers to the pattern of low-income earners seeking alternativ...