Why increasing numbers of New Yorkers are calling it quits on city life

A great migration is in the works, according to realtors

New York Weekend Edition /
Feb.February 25, 2018 09:00 AM

Lower Manhattan from Jersey City, November 2014. (Credit from back: King of Hearts, Pixabay)

According to realtors, there’s a great exodus from New York City that can be measured in New Jersey commuters.

Over the past 25 years, people commuting across the Hudson have increased by 28 percent forcing, in turn, bus trips to grow by more than 80 percent and railway trips to triple, according to The New York Times.

“We can see that in the massive migration in the last three or four years of city dwellers,” said Jonathan J. Miller of Miller Samuel Real Estate Appraisers and Consultants to the Times.

To Miller, the cause of people decamping to the ‘burbs is a result of the climbing cost of living.

“City costs have risen more than the cost of a home,” he told the Times. [NYT]Erin Hudson


Related Articles

arrow_forward_ios
(Getty)
Where the lawsuits challenging NY’s 2019 rent law stand
Where the lawsuits challenging NY’s 2019 rent law stand
Steven Mnuchin and 740 Park Avenue (Getty, Google Maps)
Steven Mnuchin’s $26M home finally finds a buyer
Steven Mnuchin’s $26M home finally finds a buyer
Robert Millard and 9 East 88th Street (MIT Corp, Google Maps)
Former Lehman exec lists Carnegie Hill mansion for $38M
Former Lehman exec lists Carnegie Hill mansion for $38M
April’s occupancy levels climbed to 61.6 percent, above March’s 60.9 percent. (iStock)
Demand for short-term rentals surges past pre-pandemic levels
Demand for short-term rentals surges past pre-pandemic levels
Cape Cod and the Jersey Shore suffered among the sharpest inventory declines. (iStock)
Here’s where homes virtually sold out in the pandemic
Here’s where homes virtually sold out in the pandemic
1384 Meadow Lane
The 20 priciest Hamptons sales this year
The 20 priciest Hamptons sales this year
Airbnb CEO Brian Chesky. (Airbnb, Getty)
Airbnb’s losing spree continues with $1B loss in Q1
Airbnb’s losing spree continues with $1B loss in Q1
Madison Realty principal Josh Zegen, Raphael Toledano with the properties at 325-329 East 12th Street and 223-235 East 5th Street (Madison Realty, Google Maps, Toledano by Michael McWeeney)
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...