Wealthy cities like LA, Miami and New York are attracting wealthier new residents

The income gap between those coming and going is rising considerably

TRD New York /
Apr.April 06, 2018 10:05 AM

Los Angeles and the Monopoly Man

Pricey American cities are starting to attract more residents who can afford those prices.

Research from economist Issi Romem has found that new residents coming into cities like New York, Miami and Los Angeles are making significantly more money than residents who are leaving, according to the Wall Street Journal.

The trend is strongest in San Francisco, where the people moving to the city and nearby Silicon Valley earned almost $20,000 a year more than the people who left the area in 2016. In Los Angeles, the income gap between people leaving and people arriving was $7,600.

Former industrial cities like Detroit and Cleveland are seeing the opposite trend, where new arrivals are making less than people leaving the cities.

New arrivals to cities also tend to be younger, more likely to rent and less likely to have children than people leaving.

Romem told the Journal the trend was somewhat concerning, as high housing prices driving away residents could lead to some lost opportunities.

“If people don’t live in the most productive coastal cities and end up living somewhere else, they’re not going to be producing the same stuff,” he said. “There’s something lost there.” [WSJ]Eddie Small


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

Here are the week’s top luxury sales

Here are the week’s top luxury sales

Keeping lawns freshly cut and outdoor spaces in tip-top shape could result in greater rewards for sellers. (Credit: iStock, IMDB)

Curb your enthusiasm: Homes with spruced-up outsides sell at premium

Elsa Segura (left) was arrested in connection to realtor Monique Baugh's (right) murder (Credit: iStock)

Second suspect charged in real estate agent’s abduction, murder

Clockwise from top left: John Gomes, Ronita Kalra, Eric Beniam and McKenzie Ryan (Credit: Getty Images, iStock, Wikipedia)

“We’re putting ourselves in situations where anything is possible”: Real estate agent’s killing rattles industry

Sarah Jessica Parker and Matthew Broderick's townhouse is on Charles Street (Credit: Getty Images, Google Maps)

Sarah Jessica Parker, Matthew Broderick shopping $19M townhouse

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

arrow_forward_ios
Loading...