The folks of New York City seem to be slowly waking up to the fact that there are a whole lot of places to live in between America’s two shores that cost a lot less money, enjoy much better weather and don’t tax their citizens to death. According to the latest data from the United States Census Bureau, the New York area has lost a total of nearly 1 million residents to domestic migration in just the past 6 years alone.
(Article by Tyler Durden from zerohedge.com)
Of course, if you listen to the Empire Center for Public Policy research, the mass exodus isn’t related to the Big Apple’s excessive cost of living or ridiculous tax structure but rather is just a symptom of the improving economy. Per the New York Post:
The number of people leaving the region — which includes parts of New Jersey, Connecticut, the lower Hudson Valley and Long Island — in one year swelled from 187,034 in 2015 to 223,423 in 2016, while the number of international immigrants settling in the tristate area dwindled from 181,551 to 160,324 over the same period, records show.
The nation’s economy is improving, there are more jobs in cheaper places to live, and retirees are choosing to move to warmer climates, experts say.
“The historical trend is that out-migration grows when the economy is getting better,” said Empire Center for Public Policy research director E.J. McMahon.
“As the economy gets better, there are more jobs outside the region and by the same token . . . more people to buy your house if you’re a baby boomer looking to move to Boca Raton or Myrtle Beach.”
Not surprisingly, Chicago saw the 2nd highest outflow of people followed closely by Los Angeles.
Moreover, in another ‘complete shock’, the people ditching NYC, Chicago and LA in record numbers are flocking to Texas and Arizona where they can enjoy sunshine 350 days a year, cheap housing and substantially lower tax rates.
Read more at: zerohedge.com