New York City, get ready. A surge of newcomers from across the country could be on its way. In May, the Big Apple claimed the top spot as the most searched urban center for rentals and homes for sale on listings portals StreetEasy and Zillow. New York accounted for 5.2% of all searches nationwide, with Los Angeles coming in second at 3.8%. The cities where people are most interested in New York listings are Miami, Philadelphia, Cleveland, Los Angeles, and Washington, DC, according to Zillow’s findings. Trenton, N.J., Stamford, Conn., Chicago, and San Francisco also made the top ten list.
Despite the allure of Florida’s favorable taxes and California’s sunny weather, New York’s strong job market, hospitality, and culture continue to attract out-of-towners, according to StreetEasy economist Kenny Lee. It’s no surprise that the city is on the radar of others, especially considering that New York’s tourism is bouncing back with over 61 million visitors expected this year, up from 33 million in 2021 and 56 million in 2022. However, it falls short of the 70 million visitors in 2019. Interestingly, Miami showed the most interest in New York City, while New Yorkers were also searching for properties in Miami.
Notably, Cleveland, Ohio, contributed a significant portion of the search interest for New York properties. Philadelphia, just 90 miles away, also saw a considerable number of residents browsing listings for city homes. However, living in New York is not just about the allure of real estate. It’s about the city’s vibrant energy and diversity, as noted by Compass broker Julia Hoagland. The city keeps you on your toes and exposes you to a multitude of languages on your way from the subway to the office.
While there are many people from out of town searching for homes in New York, there are also New Yorkers looking to leave, a trend that became more pronounced with the onset of the coronavirus pandemic in 2020. Interestingly, there is some overlap between where New York City residents are searching for homes. In May, the top five cities searched by New Yorkers were Miami, Philadelphia, Stamford, Atlanta, and Tampa, according to the data.
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