News from our Director of Relocation, Nicole Rideout.
New York to Boston, Boston to New York. Many people decide to move from one city to the other every single year. But, who ultimately ends up reeling in more individuals at the end of the day?
Based on numbers from the Census Bureau, between 2009 and 2013, about 14,500 people decided to move from New York to Boston, while about 10,000 decided to go from Boston to New York. This means that Boston has gained roughly 4,500 more people per year during this time period.
The cost of living for each city is most likely a prominent factor driving this trend. Based on The Boston Globe in 2012, even though the mean household income was relatively the same, with Boston at $91,755 and New York City at $89,966, the value of a home was almost $120,000 higher in New York City and monthly rent was more than double in New York City than in Boston.
As the tech industry continues to flourish locally and our universities and hospitals remain ranked in the top of the country, more and more people are flocking to Boston. We consistently see students who in the past would graduate from school and go elsewhere, now staying local to start their careers. We also see a large number of young professionals who had taken on the Big Apple to pursue their professional dreams, coming back with thriving careers to raise their families in Boston and Greater Boston.
While New York City will always represent a land of opportunities for an enormously diverse population including a slew of aspiring professionals, it seems Boston continues to climb in desirability as the number of opportunities here increases. We expect to see this trend continue in Boston as our businesses boom in unison with our infrastructure and economy.