A sizeable proportion of New Yorkers, including more than one-third of those under age 30, may soon be sending out change of address notifications, but those new homes will not be in New York State. According to this NY1/YNN-Marist Poll, 26% of adults in New York State plan to move someplace else in the next five years while 67% say they will stay. Just 6% are unsure. Similar proportions of registered voters statewide share this view....Regionally, about one-third — 33% — of those in the suburbs of New York City, 26% of those upstate, and 24% of New York City residents report they will make their exit....Of residents who expect to leave New York, more than six in ten — 62% — cite economic reasons like jobs, the cost of living, or taxes. 38%, however, report non-economic reasons such as the proximity to family, overcrowding, quality of life, schools, or retirement as the catalyst.
When I read these statistics I become worried about the prospect of selling my house in the suburbs. Who will buy my house when I'm ready to sell?
It doesn't surprise me that 74% of suburban registered voters support Governor Cuomo's proposed 2% property tax cap.
Westchester will always see an influx of families with kids because of the schools. Your house is perfect for people with kids. It is all part of the cycle.
ReplyDeleteI have a friend who is selling her big Westchester house now that the kids are gone. Where is she moving to? New York City! Lots of people do that.
Well, I don't envision a Detroit-like scenario, but I can see how push back on the high cost of living will place some limits on us. How bad will it get is hard to say.
ReplyDeleteI honestly don't think it will get bad. I think Westchester and the other burbs have always been like this. Families move in, and keep the costs high. Once the kids are gone, they say, why are we staying here? And they move, to Florida or to Manhattan. Then, when they are really elderly, they come back to Westchester to live with their kids :-)
ReplyDeleteThe places that are in real trouble are places in the middle of the country with no economic reason for being. My sister lives in a town like that. We lived in another place like that in MA, during the last housing bust. It was terrible. Every house on our street was for sale. Webster was a disaster - terrible schools, too far from Boston to be a bedroom community, tied (or dragged down) by its proximity to Worcester.