Nearly half of NYC’s rich have considered leaving, poll finds
Cost of living was the primary reason cited
The coronavirus continues to get the best of the New York City restaurant industry six months after the pandemic began. FOX Business’ Kristina Partsinevelos with more.
As New York City faces an exodus of residents amid the coronavirus pandemic, a sizable share of remaining wealthy Manhattanites have admitted they, too, have considered leaving.
Forty-four percent of people earning at least $100,000 said they had considered relocating out of the city in the past four months, according to a poll the Manhattan Institute commissioned from the Siena College Research Institute. Another 37% of respondents said it was somewhat likely over the next two years.
The high cost of living was cited as the No. 1 concern.
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For the wealthy residents interested in relocating, working from home played a role in their decision – of the 44% who said they had considered leaving, 30% said telework increased the likelihood that they would do so.
Calls were made to more than 780 adults during July 13–August 3.
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Due to the pandemic, 2020 has been marked by fewer moves when compared with 2019, according to data from United Van Lines. That is, however, except for New York City, where move-outs are still comparable with the same period last year.
So far in 2020, 67% of moves across the state altogether are outbound, which is a 4 percentage point increase over 2019.
As previously reported by FOX Business, moving companies have described an “insane” uptick in moves out of Manhattan.
Both Roadway Moving and Oz Moving told FOX Business in May that the pandemic had caused a business boom in New York City, describing a panicked flight out of the densely populated metro.
Both continue to detail an exodus, as other statistics confirm heightened interest in leaving.
According to United Van Lines, between May and July there was a 95% year-over-year increase in interest in moving out of Manhattan. That compares with a 19% increase in moving interest in the U.S., overall.
Some people may have temporarily left the city – with plans to return – which also explains a dramatic spike in storage requests at both moving companies.
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Besides nearby suburbs, Florida remains a popular destination for those fleeing the Northeast. The latest data from United Van Lines shows moving interest to Florida from New York City is up 10% year over year.
From New York, New Jersey, Connecticut, and Massachusetts, collectively, there is a 4 percentage point uptick in actual moves to Florida compared with last year.
The top states that have seen the largest uptick in move-ins when compared with move-outs are Vermont, Idaho, Oregon and South Carolina.