If you’re considering making a move to New York this year, or particularly to one of New York City’s five famous boroughs, you’re not alone. The state continues to be one of the most popular destinations for those of all backgrounds, regardless of income or age. However, there are some particular trends seen in 2023 that will continue to evolve in 2024 that you should know before you make your move into or around the state.
In this guide, we’ll examine moving trends in New York versus that of the United States at large, as well as the demographics leaving and coming into New York State in the past and coming year.
Outbound New York Moving Trends
It’s well-known that housing trends differ largely between that of New York City and the rest of the state, particularly upstate areas. However, there have been some distinct trends across the state that should be taken note of before you start your relocation process this year.
During the peak of the COVID-19 pandemic in 2020 and 2021, the Census Bureau estimates over 850,000 people moved out of New York, all for a variety of reasons, with almost 550,000 leaving between 2021 and 2022. This can attributed to a wide variety of causes, including the COVID-19 pandemic itself and the rise of wanting more space and less congestion in one’s life, as well as the rise of work-from-home, which allowed many people to leave an area they may have lived in purely due to proximity to their job. Additionally, rising housing prices, particularly those in the New York City area, have led people to move in search of more affordable housing options.
According to data from Business Insider, over a third of those leaving New York between 2021 and 2022 were millennials, while less than a third were Gen Z. Gen X, and baby boomers made up an additional sixth of those leaving the state each. The most common states for those leaving New York to move to were Florida, New Jersey, Connecticut, and Pennsylvania.
Inbound New York Moving Trends
For those looking to move into the state, they’ll be among the over 300,000 who headed there over the course of the past two years. Of this group, nearly half were Gen Z, while a bit of a third were millennials. With a younger population moving into the state, most of these individuals were unmarried, and 78% were renting their spaces.
With most coming from New Jersey, Pennsylvania, and California, as well as an additional 100,00 residents moving in from abroad, the New York City area has seen a particular change in the population skewing younger. But what’s attracting younger people to the state and city in particular? Experts cite the city’s public transportation and sense of community as main draws for younger people seeking to live there.
2024 New York Housing Market Trends
New York City’s hot rental market is expected to calm down in the coming year, after a shortage of housing inventory led to high competition for rentals in 2023. As inventory rises in 2024 and competition evens out, especially in historically competitive areas like Manhattan, asking rents will most likely lower as landlords compete against one another. However, don’t expect prices to fall too much, as the market remains one of the most competitive in the country.
For those looking to buy in the city, the citywide median asking price rose to $1.1 million, which is the highest average price since 2017. This is also nearly triple that of the average asking price for a home in the United States. However, elevated mortgage and interest rates have thinned out pools of potential buyers, especially as 2024 progresses, which predicts asking prices will once again dip from this high price.
In 2024, the hottest commodity in the NYC market is predicted to be move-in-ready condos, which will save prospective buyers or renters from having to invest in renovations or aspects to spruce up outdated spaces. Amenity-rich buildings and those with upgraded appliances or in-unit laundry will be well-sought-after.
Ready for Your NYC Move in 2024?
Thinking of moving into or around the New York City area or state in 2024? It’s never too early to look into the right movers in Long Island or the surrounding areas for your relocation. That’s where Austin Moving & Storage comes into play. As one of the most trusted New York City movers, we’re ready to take on your relocation, no matter what it entails.
With decades in the business and countless successful moves under our belts, we’ll provide the best moving experience possible, no matter where you’re headed. Contact us today to learn more or request a free quote!