Survey data on wealthy New York City residents thinking about leaving the city

New survey data looks at what New York City residents making more than $100,000 think about leaving the city:

We found that 44% of high-income New Yorkers say that they have considered relocating outside the city in the past four months, with cost of living cited as the biggest reason. More than half of high-income New Yorkers are working entirely from home, and nearly two-thirds believe that this will be the new normal for the city…

Of those considering leaving New York City, 30% say that the possibility of working remotely makes it more likely that they will move. Of New York City residents who earn $100,000 or more annually, 44% have considered moving out of the city in the past four months (see Figure 4). Looking ahead, 37% say that it is at least somewhat likely that they will not be living in the city within the next two years…

The cost of living, more than any other factor, contributes to the likelihood of leaving New York City (see Figure 5). A total of 69% of respondents cite cost of living as a reason to leave the city; that figure is even higher among black (77%) and Hispanic (79%) respondents. Other reasons cited by respondents considering leaving New York City include crime (47%), desire for a nonurban lifestyle (46%), and the ability to work from home (30%)…

Only 38% of New Yorkers surveyed said that the quality of life now was excellent or good, a drop by half, from 79% before the pandemic (see Figure 2). Most believe that the city has a long road to recovery: 69% say that it “will take longer than a year” for quality of life to return to normal.

Finally some data on New Yorkers leaving the city! (Of course, this is more about attitudes than actual behavior.)

If I am interpreting the data above correctly, it sounds like COVID-19 has brought some other issues to light. This includes:

(1) If I can work remotely, do I value city life enough to stay there even though I do not need to be close to work?

(2) If the city is not what it was – and it is not clear when it might return to normal – because of decreased social activity due to COVID, the cost of living may not be justifiable.

Ultimately, is it worth living in a global city – with all that comes with it for high earners including jobs, cultural amenities, and a high cost of living – when the positive features of this city are muted during a pandemic?

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