(Bloomberg Opinion) — College graduates and more affluent residents are fleeing high-cost cities like New York and San Francisco, according to a recent New York Times article. Of course, major coastal cities have been pricing out the working class for a long time, but that’s picked up pace in recent years.
Lower-cost, large metros are benefiting from the migration — also a trend that’s been happening for a while. But a new twist we saw begin during the pandemic is that people are choosing to move to mid-sized and smaller places as well — metros with fewer than 1 million people.
The bottom line is that the universe of landing spots for college grads from high-cost metros is expanding. That’s a healthy trend for the economy that we should try to help along.
