Where are many of these people going? Well, according to a recent Bloomberg census data map, many are flocking to cities in the southern United States. Seven cities had an average of 100 new arrivals or more every day. Those include cities like Dallas, Phoenix, Tampa, Orlando, Las Vegas, and Austin. These account for a majority of the domestic and international migration. Cities like Houston and Miami also claimed some of those cities. Other than those cities, the major cold cities that was within the Top 10 of migrations was Seattle.
What's causing this mass exodus from big cities in the North and southwest to cities in the southern part of the US? Some of the cities that are losing residents are affected by high home prices and high taxes, which push residents out and deter potential movers. Last year alone, New York City had a decline of 200,000 people. Los Angeles had a loss of 120,000 and Chicago had 84,000 people leave its cities for the South. San Francisco and Washington, D.C. also experienced similar trends.
Other major factors in these migrations include localized growth such as employment, real estate trends, and development of retail opportunities. Government infrastructure and environmental conditions also play a part.
It's an amazing trend, but not a surprising one. Having lived in the Bay Area all my life and seeing the upsides and downsides of living in such a market like this, I can understand why many people would choose to move out of the Bay Areas towards destinations, particularly in the South. Although I am not at that point yet where I would choose to move out, I know that eventually I may be facing the same thing that many people have already chosen to do.
It's understandable that many of the cities that people are going to may not have the same type of job opportunities as those in the cities where residents are leaving, but people want to go somewhere where taxes and home prices will not impact them as much as they would in those bigger cities. They understand that and they'll take the risk, no matter what. They can't live in a place where taxes and home prices are going to affect substantially the way they live their lives and where they spend their money.
The number of people that are constantly leaving these cities every day is astounding and those numbers could increase, depending on where things go regarding the categories that I've already discussed. However, it's for a new opportunity and for one that's more cost-friendly to them. My advice for these cities that people are flocking in are to get ready. You've got some new friends in town and they're looking to cash in on what you can give them.
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