Soaring home prices are pushing local residents out and scaring away potential new ones. These 20 Cities are seeing high home costs that drive up the price and drive away the customer.
The map below shows the 20 metropolitan areas that lost the greatest share of local people to other parts of the country. The New York City area ranked 2nd, losing about a net 163,000 U.S. residents, closely followed by a couple surrounding suburbs in Connecticut. Honolulu ranked fourth and Los Angeles ranked 14th.
Interestingly, these are also the cities with some of the highest net inflows of people from outside the country. That gives many of these cities a steadily growing population, despite the net exodus of people moving within the U.S.
High Home Costs Scaring Away Residents
So what’s going on here? Michael Stoll, a professor of public policy and urban planning at the University of California Los Angeles, has an idea.
Soaring home prices are pushing local residents out and scaring away potential new ones from other parts of the country, he said. (Everyone knows how unaffordable the Manhattan area has become.)
Read more here.
For all you who haven’t left these places due to high home costs, There is hope! You can now find out if somewhere else can offer you a better standard of living.
Just download the City Vs City cost of living calculator to see how your housing costs and all your unique financial circumstances would look in a different U.S. city – including the taxes you’d pay in each one!