There is no doubt that many young Americans still want to come and settle in New York but a recent Redfin analysis of Census Bureau data tells a different story. More and more Gen-Zers left the NYC than any other US metro in 2024 in a dramatic shift, posting a net outflow of 29,554 young adults. The biggest reason why Gen-Z are leaving New York is the rising housing costs, according to New York Post. The typical home in the New York metro sells for about $832,000, compared with just $309,000 in Philadelphia, according to Redfin. This means buyers heading to Philly could theoretically purchase nearly three homes for the price of one in New York.
The data shows that a whopping 9,284 Gen Zers have moved to a new city- Philadelphia- just 90 miles south of the New York metropolitan area. This has made Philadelphia country’s second-most-popular migration route for the generation, behind only trading Los Angeles for nearby Riverside, California.
Why is the young generation shifting out of NYC?
If we look closely at the migration pattern it shows that young Americans aren’t necessarily cutting ties with their existing regions as they hunt for less expensive housing and better job prospects. But they are choosing places that allow them to remain within reach of family, friends and professional networks.
