Gen Z Exodus from New York Peaks, Many Relocate to Nearby Philadelphia
New York recorded the largest net loss of Gen Z residents in 2024, with thousands moving to Philadelphia, the second-most popular destination for the cohort.
A recent Redfin study using the 2024 American Community Survey found that New York experienced the greatest net departure of Gen Z adults, losing 29,554 individuals, more than any other metropolitan area. The leading relocation corridor for this group was to Philadelphia, with 9,284 movers, making it the second-most favored route after Los Angeles to Riverside, which saw 10,261 relocations. Housing costs differ sharply, as the median home price in New York’s metro area is about $832,000, compared with $309,000 in Philadelphia, allowing buyers to acquire nearly three homes for the price of one in New York.
Sheharyar Bokhari explained that Gen Zers prioritize career opportunities and social connections, opting for relatively short moves rather than seeking the cheapest locations. The report also noted that millennials are moving toward metros with more affordable larger homes, with Houston leading in net millennial inflows.
Why it matters
The shift highlights rising affordability pressures in major cities and changing preferences of young workers.
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