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Wealthy young professionals fleeing New York City

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Last May, Charlotte, 31, and her husband cleaned out their one-bedroom apartment on Christopher Street after learning that rent could skyrocket from $5,000 to $7,000 a month.the couple loved live in the west villagebut even with her job in finance and his in a tech job, homeownership was out of reach.

We were both working from home, so we could live anywhere. They decided it was time to leave New York.

“We thought bronxvilleand surrounding areas [in Westchester]but what we wanted cost well over $1.8 [million]Charlotte, who earns more than $200,000 a year and refuses to give her last name, told The Post.

Longtime New Yorkers who can work remotely are leaving in search of more affordable housing and a higher quality of life.Recent research Conducted by financial tech company SmartAsset New York was found to have the largest net outflow of young professionals under the age of 35 earning more than $100,000 of any other major city. Between 2019 and 2020, about 15,788 of these so-called “wealthy young professionals” left his five governorates.

New Yorkers making over $100,000 are leaving in droves.
Charlotte, 31, from New York, and her husband moved out of their West Village rental apartment last year to buy a home in the Boston suburbs.
Charlotte, 31, from New York, and her husband moved out of their West Village rental last year to buy a home in the Boston suburbs.
Getty Images/iStockphoto

“For decades, New York City has attracted young people willing to pay a hefty premium just to live and work in New York, but it has also drawn a big wedge in the finances of many. An investigation at Realtor.com told The Post. “Fifteen years ago, inflation would have allowed him to buy more at $100,000 than he does now.”

surely, According to Douglas Elliman’s market report, should be close to $160,000 for average rent It now spans five wards.

Charlotte and her husband found their money doing better in Massachusetts.they Moved to a suburb of Boston They could afford to buy a four-bedroom, 3,500-square-foot house.

“Our mortgage payments, taxes, and home maintenance costs are about $1,500 more each month than we do. [old] rent,” she said.

In early 2020, 31-year-old Tyler, who works in software, left New York and parked in Denver in search of not just housing but cheaper transportation.

Tyler says he's saved hundreds of dollars in commuting costs and now has discretionary income to invest in his favorite outdoor hobbies like skiing and hiking.
Tyler says he’s saved hundreds of dollars in commuting costs and now has discretionary income to invest in his favorite outdoor hobbies like skiing and hiking.
Courtesy of Tyler
Tyler jumped at the chance to move cross-country to Denver in early 2020. He got the opportunity to work remotely, saving him hundreds of dollars in apartments, parking, and commuting.
Tyler jumped at the chance to move from Cross Country to Denver in early 2020. It was when I got a job opportunity that allowed me to work remotely. Since then, he’s saved hundreds of dollars on apartments, parking, and commuting.
Getty Images

Instead of paying a monthly $110 Metrocard and $275 parking fee, he got free space included in his large apartment. Thanks to his lower cost of living, he has more time and money to spend on hobbies such as skiing and hiking, and has been able to invest in a mountain house with his friends.

“I took this job in Denver because I knew I could apply. [what I learned] We’re tackling a less saturated market, centered around New York City’s brightest and brightest people, without having to deal with the rat race that people go through every day in New York City. increase.”

Leisure activities also motivated 35-year-old New York native Michael to leave the Empire State. In April he and his wife left Brooklyn, Boca Raton, Florida, and its ample golf courses, pickleball courts, and tennis courts. Having such facilities so close to his home, and also happening to be so affordable, was a game changer.

are in florida Having these things readily available year-round has dramatically improved my quality of life,” said the accountant. “It would take him seven hours to play golf if he lived in New York.”

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