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Americans have been moving out of major US metros faster than they’re moving in, particularly in top cities like Chicago, New York and Los Angeles.
The average American will move 11 times in his lifetime, making the US one of the most mobile populations in the world, especially among Millennials. That’s according to recent Abodo research that evaluates the incoming and outgoing population of 50 of the country’s most-populated metros.
“Experts have pointed to rapidly growing housing costs, which have pushed a large number of residents out of major cities and has also prevented new people from moving into these large metro areas,” Abodo’s Sam Radbil tells Bisnow.
As Americans find themselves increasingly housing-cost-burdened in some of these metros, it’s casting a shadow over the health of the economy due to rising job gains and robust GDP growth. And the lack of affordable housing development is only exacerbating the issue.
“Builders are developing less entry-level apartments and homes than in previous years, with a focus on luxury developments,” Sam tells us. “This is starting to impact affordability for a large number of people across the nation.”
Below are the top 10 metros that experienced a domestic migration from 2014 to 2015.
1. Chicago – Naperville- Elgin
Percent Change: -0.84%
2. New York – Newark – Jersey City
Percent Change: -0.82%
3. Hartford – West Hartford – East Hartford
Percent Change: -0.74%
4. Memphis
Percent Change: -0.60%
5. Milwaukee – Waukesha – West Allis
Percent Change: -0.54%
6. Los Angeles – Long Beach – Anaheim
Percent Change: -0.54%
7. Virginia Beach – Norfolk – Newport News
Percent Change: -0.52%
8. San Jose – Sunnyvale – Santa Clara
Percent Change: -0.52%
9. Detroit – Warren – Dearborn
Percent Change: -0.51%
10. Cleveland – Elyria
Percent Change: -0.51%
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