Last month, StreetEasy published a report on the neighborhoods where New Yorkers are searching for new homes.
StreetEasy analyzed Zillow‘s data on for-sale home listings across the United States from January to December 2024, categorizing the information based on the listing’s metro area and the user’s detected location.
A report found that one in three New Yorkers considering buying a home in the city is also contemplating leaving it altogether. Florida remains a popular choice, with three of its cities—Miami, Tampa, and Orlando—ranking among the top 10 metro areas on StreetEasy’s list.
Kenny Lee, Senior Economist at StreetEasy and Zillow, explains in his report that this trend is driven by population growth in those cities and the strong link between New York and Florida.
“The well-known ‘snowbird’ trend comes to mind—people have been traveling between New York City and Florida for years,” he said. “There’s a long-standing pattern of movement between the two states.”
Lee points out that most New Yorkers relocating are heading to the South, where housing tends to be more affordable.
“Many of the cities attracting New Yorkers have seen significant growth in housing supply, largely due to the surge in new construction since the pandemic,” he explains.
New Yorkers Are Most Likely to Relocate to Philadelphia
Philadelphia has surpassed Miami, Florida, as the top destination for New Yorkers relocating to another U.S. metro area.
According to Lee, the City of Brotherly Love has long shared cultural ties with New York City, and its relatively affordable living costs—especially lower rental prices—make it an attractive option for those looking to move.
However, Lee cautions that buying a home in Philadelphia is becoming more competitive. As one of Zillow’s hottest markets this year, increasing demand may drive some buyers to reconsider and even return to New York City.
Currently, the average rent in Philadelphia is $1,700, while the median home asking price is $256,000, based on Zillow data. Additionally, the region is home to several Fortune 500 companies, such as Comcast Corporation, Toll Brothers, and Burlington Stores.
