(New York Post) Last May, Charlotte, 31, and her husband packed up their one-bedroom apartment on Christopher Street after learning the rent would likely skyrocket from $5,000 per month to $7,000.
The couple loved living in the West Village, but homeownership was out of reach, even with her job in finance and him being in tech.
They were both working from home, so they could live anywhere. It was time, they decided, to leave New York.
“We considered Bronxville, and surrounding neighborhoods [in Westchester], but for what we wanted we would have had to spend well over $1.8 [million],” Charlotte, who makes more than $200,000 annually and declined to give her last name, told The Post.
Longtime New Yorkers who can work remotely are moving away in search of more affordable housing and a higher quality of life — even when they seemingly make good money. A recent study conducted by financial tech company SmartAsset found that New York had the largest net outflow of young professionals under 35 making more than $100,000 of any other major city. Between 2019 and 2020, some 15,788 of these so-called “rich young professionals” left the five boroughs.
“New York City for decades has attracted young people willing to pay a significant premium just to live and work in New York, but at the same time, it drew a huge wedge in a lot of people’s finances,” George Ratiu, manager of economic research at Realtor.com, told The Post. “Fifteen years ago, $100,000 would buy you a lot more than today because of inflation.”
Charlotte and her husband found that their money went a lot further in Massachusetts. They relocated to a Boston suburb where they could afford to purchase a four-bedroom, 3,500-square-foot home.
“Our mortgage payments, taxes and home maintenance costs are around $1,500 more per month than our [old] rent,” she said.
For Tyler, a 31-year-old who works in software, cheaper transportation — not just housing — motivated him to motor out of New York and park in Denver in early 2020.