New York: Young Americans are leaving the city

EIt’s about taxes, rental prices and regulation, but ultimately also about the sun. Between 2012 and 2017, around 38,000 more young people left New York, located in the rather cool northeastern United States, than moved in. That’s more than 100 a day. The time when the city was a place of longing for everyone who just finished school or university in the province is apparently over. New York, the former magnet for the population, is now experiencing an exodus of millennials.

Those who are in the United States between their mid-20s and mid-30s now prefer to move to the “Sun Belt” in states like Texas, Florida and Arizona. This emerges from a study by the Washington think tank Brookings Institution, which evaluated data from the US Department of Commerce.

According to one of the results, America’s south is now much more attractive to young adults than New York. Of the 20 cities with the highest increase in millennials, all but three are in warmer regions.

$ 6,000 a month rent

Houston, located in Texas, tops the list. Between 2012 and 2017, around 15,000 net millennials moved to the city every year. Together with Austin and Dallas, Houston forms an area that some Americans call the “Tech Triangle”: a triangle that seems to be developing into a second Silicon Valley. Many people today prefer to set up their companies in Texas rather than California or even New York. Not only because of the sun, but also because life in the south is cheaper, because taxes are lower and the laws are more relaxed.

Young families in particular have trouble making ends meet in New York. If you want a three-room apartment in Manhattan, you have to expect a rent of $ 6,000 a month. In addition, taxes are due, which are high by American standards.

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Not only do residents have to pay to the US Treasury Department, as they do everywhere in America, but also to the state and the city. Three taxes that can add up to a 50 percent burden for high-income New Yorkers – an extreme figure in the United States.

Texas and Florida, for example, have no income taxes at all. “The young adults are turning their backs on the costly life on the coasts and are spreading more and more across the country,” says study author and demography expert William H. Frey. According to his investigation, the second largest loss suffered in Los Angeles, located on the west coast of the USA. Around 19,000 net people moved from there every year. A noticeable minus – but only half the size of New York.

Baby boomers are also turning their backs on New York

For the metropolis on the Hudson River, the development could be painful. On the one hand, because America’s millennials love to consume and thus bring money into the city. On the other hand, because they are often well trained, which in turn attracts companies, especially from the tech sector. According to the Brookings study, nearly half of the young people who have migrated to the southern states in recent years have college degrees. Texas attracts talent, New York is losing it – that cannot be good for the future of the Big Apple.

Brookings researcher Frey also found that young Americans today generally move less frequently than they used to. In the years before the financial crisis, between seven and nine percent of 25- to 35-year-olds moved; during the crisis, the values ​​plummeted to six to seven percent – where they remain to this day.

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So America’s millennials are less mobile than the generations before them. They also get married later, later buy houses and later have children. One reason for this, experts say, is that the impressions of the financial crisis, when many US citizens lost jobs and homes, have not yet been overcome.

New York seems to have recognized the problem. The city, for example, has been working hard to become the home of the second headquarters that Amazon is planning. The internet giant was offered billions in tax rebates and the Empire State Building was lit in Amazon orange. It worked, Amazon opted for New York – but reversed the plans after protests from residents and local politicians.

The critics feared that traffic would increase on the already congested streets and that rents in the city would continue to rise. Jeff Bezos’ company wanted to move 25,000 employees into new skyscrapers in the Queens neighborhood – and many of them would have been millennials. At least this opportunity to rejuvenate New York has now passed.

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Millennials aren’t the only ones turning their backs on New York. The baby boomers are also turning away. Between 2012 and 2017, the city lost more than 40,000 net people over the age of 55 years. The expert Frey also blames the high cost of living – and the weather. Because the baby boomers are also drawn mainly to the Sun Belt.

With them, Phoenix is ​​ahead, located in sunny Arizona, and by a large margin. During the period studied, the city grew by more than 18,000 elderly people annually. In second place is Tampa, Florida, where a net 8,500 baby boomers moved each year.

While young and old seem to be fleeing New York, the metropolis can at least score points with one group: tourists. New York remains America’s most visited city.

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