With New York residents feeling the strain of high housing costs, many are looking to relocate to another city, and Philadelphia is now the most popular destination, writes Mary K. Jacob for New York Post.
This is according to a new report from StreetEasy, which reveals that Philadelphia is now the most popular metro area New Yorkers are looking to move to, officially surpassing Miami for the top spot.
The listings portal used an analysis of Zillow search data from 2024 to come to this conclusion. It found that about one-third of New Yorkers are also looking at options beyond the city’s limits.
Philadelphia is known for having a lower cost of living, while also having closer cultural ties to New York than other top destinations on the list, such as Tampa, Orlando, Atlanta, Boston, Washington D.C., and Los Angeles.
“New Yorkers looking to move could be related to the overall affordability. The rental costs are much lower,” said Kenny Lee, senior economist at StreetEasy and Zillow.
In Philadelphia, the median asking price for a home is at around $256,000, with an average of about $1,700 monthly rent.
In comparison, the median sales price in Manhattan reached $1.1 million in Q4 last year, and average $5,130 for monthly rent last month.
Read more about why and where New Yorkers are moving at The New York Post.
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