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.
Sources: Boston.com, The Boston Globe