A new study reveals “rich” Americans under the age of 35 are fleeing New York City in droves; citing out-of-control housing costs, high taxes, and rising crime across the nation’s biggest city.
“Wealthy millennials are not interested in trying to make it in the city that never sleeps. In fact, according to a new study, they are actually leaving New York state altogether,” reports Fox Business. “Based on data provided by the IRS from the 2015 to 2016 tax year, a June 2019 SmartAsset study listed New York as the top state rich millennials are fleeing.”
According to the survey, “rich” millennials include those younger than 35 with an income of $100,000 or higher. Wealthy young Americans are also fleeing Illinois, Virginia, and Massachusetts.
“The Northeast isn’t popular with wealthy millennials,” noted the report. “Save for New Jersey, which made the top 10, the Northeast isn’t a popular destination for the wealthy under 35. Five of the bottom 10 states (Connecticut, Maryland, Pennsylvania, Massachusetts, and New York), plus the District of Columbia, are located in the Northeastern region of the U.S.”
The populations of America’s three largest cities are “shrinking” for the first time in years as residents flee rising crime, congestion, massive taxes, and a lack of affordable housing.
“America’s largest cities are shrinking but a few in the Southwest are continuing to boom. Fort Worth, Texas, is now the 13th most populous U.S. city, surpassing both San Francisco and Columbus, Ohio, according to newly released population estimates from the Census Bureau,” reports Bloomberg.
“Besides Fort Worth, the fifteen most populous cities were largely unchanged from the prior year. However, the three largest U.S. cities, New York City, Los Angeles, and Chicago, shrank last year,” adds the article.
Each of the country’s three biggest cities are facing unique crises: New York City’s finances are beginning to buckle under the weight of Mayor Bill de Blasio’s economic policies, Los Angeles is currently experiencing a massive homeless problem, and Chicago can’t get a grip with out-of-control gun violence.
Los Angeles continued its ongoing struggle with rampant homelessness and crumbling infrastructure this week, with residents complaining of “rotting trash piles” that are attacking rats and posing a major risk to the health of residents and tourists.
“Rat-infested piles of rotting garbage left uncollected by the city of Los Angeles, even after promises to clean it up, are fueling concerns about a new epidemic after last year’s record number of flea-borne typhus cases,” reports NBC Los Angeles.
“Even the city’s most notorious trash pile, located between downtown LA’s busy Fashion and Produce districts, continues to be a magnet for rats after it was cleaned up months ago. The rodents can carry typhus-infected fleas, which can spread the disease to humans through bacteria rubbed into the eyes or cuts and scrapes on the skin, resulting in severe flu-like symptoms,” adds the article.
“I can’t walk down the street without thinking that a flea could jump on me,” complained a local business owner.
“It’s something that we’ll look into,” said Pepe Garica, of Los Angeles’ bureau of sanitation.
The nation’s second largest city is also home to some of the country’s worst traffic conditions.
Read the full report at Fox Business.
EXODUS: California Residents FLEE as Crime Rises, Home Prices ‘Soar’
Nearly one million residents fled California between 2006 and 2016, with thousands planning on leaving the Golden State as crime rates reach record highs and home prices continue to soar.
According to Market Watch, locals have had enough of high taxes, rampant homelessness, ‘unconstitutional’ immigration policies, and a lack of affordable housing; prompting a “mass exodus” from the west coast towards other regions of the country.
Industry experts predict an additional 3 million people will leave the state by the year 2025.
“California homeowners spend an average of 21.9% of their income on housing costs, the 49th worst in the nation, while renters spend 32.8%, the 48th worst,” writes the report.
“The median rent statewide in 2016 was $1,375, which is 40.2% higher than the national average. And the median home price was — wait for it — more than double that of the national average,” it adds.
Read the full story here.
EXODUS: New York State Takes Number One Spot for ‘POPULATION LOSS’
New York State took the top spot as the nation’s leading “population loss” center this week, with new data showing residents fleeing the region due to high taxes, rising housing costs, and a series of other issues.
“The report says nine states saw a drop in population between July 1, 2017, and July 1, 2018. New York led the way at a loss of 48,510 people,” writes CBS News.
“Illinois (45,116), West Virginia (11,216), Louisiana (10,840), Hawaii (3,712), Mississippi (3,133), Alaska (2,348), Connecticut (1,215) and Wyoming (1,197) also lost people,” adds the report.
New York State boasts the fourth highest population in the country at over 19.5 million people. The report released by the Census Bureau also shows Nevada and Idaho leading the nation in population growth.
Read the full story here.