New York City is seeing a net loss of 277 residents every single day, as they migrate elsewhere. This means that the city that never sleeps is losing the highest amount of people daily of any major American city. Considering how large and dense a city New York is, the net loss of 277 people may not seem like much, but according to Bloomberg News, that more than doubles the net loss of people leaving the city last year. In total, more than 200,000 people became former New Yorkers last year, and most of them were replaced by new migrants. But the net increase in losses means something. Why is this happening? It’s hard to say. Maybe it has something to do with the cost of living?
A recently released rental market report by real estate company Douglas Elliman shows that New York City saw some insane rents this summer. Median rental costs for a studio apartment were $2,700 a month. A. Month. In June, Business Insider reported that the average cost of renting an apartment in Manhattan for one year would take up more than three-quarters of the “average American annual salary of $47,060.”
Rounding out the top three American cities to get out of (not named “Dodge”) were Los Angeles and Chicago, with net losses of 201 and 161 residents, respectively. On the flip side, Dallas, Phoenix, Tampa, Orlando, Atlanta, Las Vegas, and Austin all saw hundreds of new residents settle in this past year.