New Yorkers saturated with high shelter costs in the sky are putting their sights in a new destination, but not far, destination-filadelphia.
A new report from the Streeasy Portal lists reveals that the brother of brotherly love, just 90 minutes from New York, has surpassed the Miami official as the most famous abroad, where new yields are seeking to move. This is great, taking into account the condition of the sun.
Streeeteasy analysis of Zillow’s search data from 2024 revealed that a stunning in three new manufacturers taking into account home ownership in the five municipalities is also exploring options beyond the city borders.
While Florida remains a strong contender – Miami, Tampa and Orlando all made the best list of 10 – the lowest living cost of Philadelphia and its close culture to New York is proven irresistible. This is not to mention Philly’s winning food scene.
Kenny Lee, elderly economist in Streeheteasy and Zillow, noted that New Yorkers’s long bond with Florida has not faded, but the relocation of economic factors is affecting displacement patterns.
“The snow clush comes to my mind. People are going back and forth between New York City and Florida for a long time, ”Lee Cnbc Make It told.
But when it comes to affordability, Philly offers a serious advantage.
The average price for a home in Philadelphia decreases by only $ 256,000, with average leases moving around $ 1,700 – a theft compared to the New York real estate market.
In Manhattan alone, according to Douglas Elliman’s numbers from the fourth quarter of 2024, the average sales price reached $ 1.1 million. Meanwhile, Elliman’s latest rent report shows that Manhattan’s average rental price reached $ 5,130 in January.
“New Yorkers watch moving can be related to overall affordability. The rental costs are much lower,” Lee said.
Philly is home to some big employers, including Comcast Corporation and Toll Brother, making it a practical opportunity for those who want to move without sacrificing career opportunities.
However, buyers of houses hoping to capture a deal may not see it so easy.
“As one of Zillow’s hottest markets this year, the competition is getting hot among buyers and potentially pushing some people consider returning to New York City,” Lee added.
Whereas Miami, now ranks no. 2, has been a traditionally a high destination for the displacement of New Yorkers, some transplants reveal that the dream in Florida does not always live to wait.
“Once some people move to Miami, they realize that the grass may not always be greener,” Lee said.
Other cities that make the list of high destinations include Atlanta, Boston, Washington DC and Los Angeles.
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