New Yorkers are fleeing to this much cheaper city as Big Apple home prices hit $832K
New Yorkers searching for an escape from the city’s punishing housing costs are increasingly eyeing a familiar neighbor — Philadelphia, where homes cost less than half.The New York metro posted a net outflow of 27,143 prospective movers during the second quarter, meaning significantly more people were looking to leave the region than move in, according to a new Redfin analysis of home-search activity.That was the second-largest net outflow among the country’s 100 biggest metros, trailing only Los Angeles, at 28,652.(Angelenos, for their part, headed to the Sin City of Las Vegas in search of cheaper housing costs there.)And for New Yorkers looking elsewhere, the most popular destination wasn’t Miami, Orlando or another sunny southern city.It was Philadelphia — just 90 miles south.The reason may come down to a whopping half-million-dollar difference in home prices.A typical home in the New York area costs about $832,000, compared with just $309,000 in Philadelphia — a roughly $523,000 gap, according to Redfin.Philly may be the top destination for New Yorkers considering a move, but the Sunshine State continues to exert a powerful pull.New York was the most common origin for people looking to relocate to Orlando, Miami and Tampa, which ranked third, fourth and seventh, respectively, among the metros with the biggest net inflows.Florida dominated at the state level, too.The Sunshine State recorded a net inflow of 38,922 prospective movers during the quarter — more than Arizona, South Carolina and Tennessee, the next three most popular states, combined.South Carolina followed with a net inflow of 13,764, while Arizona gained 11,929 and Tennessee gained 9,872.New York sat on the opposite end of the spectrum, posting a net outflow of 29,838 at the state level, second only to California’s whopping 56,548.Illinois, Washington and Massachusetts rounded out the five states with the largest net outflows.The trend reflects a broader reshuffling of where American...