The Financial District may be known for its movers and shakers, but in fact, the neighborhood is home to an outsize number of plain old movers. The bulk of younger, childless, employed individuals — as well as a good share of rental properties and condominium units with flexible subletting policies — in the area make it one of the most mobile neighborhoods in the country, the New York Times reported.
Six of the 20 ZIP codes with the highest mobility measure — an index of the number of residents who live in the same home as they did the year before — were located in the Financial District in 2007 and in 2011, according to a Social Explorer and Queens College analysis of American Community Survey data.
For example, in the Financial District’s 10005 ZIP code, almost 40 percent of residents lived in a different apartment than the previous year; half of residents were between the ages of 25 to 34, and 73 percent did not have kids.
Overall, New York City residents moved less than their U.S. counterparts. An average of 11.4 percent of New Yorkers moved in the last year, compared to 15.4 percent nationally. The Times chalked up the relative stability to the prevalence of subsidized housing and the high cost of moving in the city.
The median rent for a Financial District apartment in the fourth quarter of 2007 came in at $3,116 monthly, appraiser Jonathan Miller told the Times. By the fourth quarter of 2012, the figure increased to $3,450. [NYT] –Zachary Kussin