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I think as soon as the financial realities of a move out of NYC kick in many will drop those plans. As tempting as it is things like residential property taxes, a car & insurance can be just as daunting as some high rent or housing areas in NY. NY transplants also like a lot of stuff they got in the city but not might be able to get in the burbs.
A large majority of people who live in NYC are in love with the IDEA of living in the city, not the actual city, and they pretty much lie to themselves. TV shows and movies like to romanticize it but the reality is it's ridiculously over priced, dirty and inconvenient. If you're banking $400k+ a year and can actually afford an okay sized apartment and afford to take advantage of the amenities the city has to offer than fine, but for people making average pay who can hardly afford a studio apartment I'm sure they're looking at buying a nice 3 bedroom house outside of the city right now.
3/2 house - $2,500 a month
car and insurance - $500 month
Vs $4,000 a month for a small 2 bedroom apartment and no vehicle and $12 beers at the local pub.
We are experiencing so much growth here in Colorado with tons of highway expansion, vast tracts of beige and gray housing, strip malls, parking lots, etc. I find it all so depressing. We are escaping soon to Vermont, where much of that sort of development is discouraged.
I live in Vermont and the locals are worried about the influx of "flatlanders" moving to "their" State. They say it is going to be like another post 911. I don't think so, but I could be wrong.
I live in Vermont and the locals are worried about the influx of "flatlanders" moving to "their" State. They say it is going to be like another post 911. I don't think so, but I could be wrong.
Heard stories like that. Some get tired of residential living and/or bought the first thing they could find just to get out and realized years later it wasn't for them. One of the biggest complaints if anything is the responsibility of home ownership including landscaping, home maintenance and the cost of utilities. Can't heat or cool a multi story or free standing home the same way one can a single floor apartment. Also those who got used to readily available public transportation get frustrated at car costs although they like the freedom of driving they don't like the cost.
There are over eight million people in New York City; even the most generous attribution of those moving because of the coronavirus would be a few thousand. If ten thousand people moved out of New York tomorrow no one would know.
are we talking manhattan or all the boroughs? manhattan actually doesn't have than many residents, barely beating out the bronx, but well behind queens and bk.
there are many parts of eastern qns, southern bk, and basically all of SI that are fairly suburban.
I live in Vermont and the locals are worried about the influx of "flatlanders" moving to "their" State. They say it is going to be like another post 911. I don't think so, but I could be wrong.
Well, we flatlanders are heading that way. I love that state and that development isn't the main priority. Colorado had been ruined by growth and that saddens me so much. I'm not willing to tolerate it anymore.
One of my best friends lives in NYC and tells me she's moving out as soon as she can. The whole point of NYC is to not worry about living in a fancy place because you're always out and about. Take that away with a thing like a pandemic, and you're stuck in a tiny shoebox for months. This is going to probably happen again in a few years, according to the experts, so I see the demand going down.
People are underestimating the amount of cultural and intellectual capital a place like NYC has.
You can't replicate that atmosphere just anywhere. The "captains of the world" might relocate some of their business to a place like Raleigh or Nashville. They're not going to move to middle of nowhere Kentucky.
The movers and shakers want the amenities and elite opportunities that a place like NYC provides. I think there will definitely be an exodus of some jobs or maybe industries, but I don't think NYC's place as the American economic and cultural capital is going anywhere.
Another place people from NYC are flocking to is Florida especially the Miami / S. Florida area since the SaLT legislation.
Many wealthy New Yorkers are keeping the real estate market there afloat.
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