Gen-Zers are ditching New York for this US metro
A recent analysis of Census Bureau data by Redfin reveals a significant shift in Gen-Z migration patterns away from New York City. In 2024, more Gen-Z adults left NYC than any other U.S. metropolitan area, marking a net outflow of 29,554 young adults. The primary reason for this trend is the soaring housing costs in New York, where the average home price is around $832,000, compared to just $309,000 in Philadelphia, as reported by the New York Post.
This price disparity allows buyers in Philadelphia to purchase nearly three homes for the price of one in New York City. Consequently, 9,284 Gen-Z individuals have migrated to Philadelphia, making it the second-most popular destination for Gen-Z migration, following a move to Riverside, California, which is only 90 miles south of New York.
Redfin principal economist Sheharyar Bokhari noted that younger adults are gravitating toward cities that offer career opportunities and social networks, while millennials are more focused on affordability and home affordability. The data showed that Gen-Zers were also moving from Los Angeles to Riverside, followed by Los Angeles to San Diego and New York to Philadelphia.
Meanwhile, New York City experienced the largest millennial exodus of any metropolitan area, with a net loss of 42,698 millennials.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
