Young Families Driving Exodus From New York City to Suburbs

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People are on the move.  Whether it’s pandemic related, high-taxes, better schools, safer neighborhoods, larger home, or any/all of the above.  A recent story in the Wall Street Journal (reposted on Realtor.com) takes a look at the exodus from New York City and that factors are driving it.  The WSJ says this current wave of selling has contributed to a glut of properties in a number of NY City neighborhoods with total sales inventory across the five boroughs reaching its highest levels since at least 2010.  Indeed…

“The pandemic has led many New York City residents to uproot their lives in search of more spacious living quarters or cheaper rent. Among them are parents with young children.”

“Why pay 3.8% New York City tax when you don’t get the benefit of everything the city has to offer?”

Click here to read the full story at Realtor.com.

Click here to read the full story at the Wall Street Journal.

 

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Director of Education & Outreach, National Real Estate Investors Association

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