Study: NYC’s 2020 Population Drain Not Limited to Wealthy Areas of Manhattan

New York City lost about 200,000 people in 2020 who picked themselves up and moved to the suburbs. Photo Credit: Pinterest

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Now that New Yorkers have turned the corner on the dreaded coronavirus pandemic that left the city with thousands dead, many are now turning their attention to the much publicized exodus from the Big Apple by those who had the financial means to move out to the suburbs and beyond.

The NY Post reported that the real estate firm CBRE released a new report about the 2020 population drain that took place in city of the last year. The mass exodus from the crowded metropolis did not only occur in the wealthiest neighborhoods in Manhattan, as the report indicated those in less affluent areas also packed their bags for some sparsely populated regions.

Since the height of the exodus from New York City, the real estate market has seen a rebound of fairly modest proportions, however experts in the field say that persuading people to come back to life in Manhattan may be quite a difficult task.

The Post reported that those Manhattan neighborhoods that saw a significant dip in their population included were the Upper East and Upper West sides, Tribeca and Dumbo. These are areas where the vast majority of its residents draw high salaries, thus affording them the ability to make their way to such places as the trendy Hamptons in Long Island or other such upscale suburban areas. The aforementioned areas of the city lost up to 2 percent of their respective populations, as was reported by the Post.

Other areas of the city that do not enjoy the affluent reputation of these Manhattan enclaves for the rich also saw a reduction in their populations. One such area was the Crown Heights neighborhood in Brooklyn. The Post reported that in 2020, 5,796 people fled from zip codes 11216, 11213 and 11225. In 2019, 2,759 people left that neighborhood.

The Post reported that the statistics were gathered by CBRE through change of address filings from the United States Postal Service. The real estate firm also took into account the much smaller number of people who did move to the city during this turbulent period. It was reported that this was the first such study to explore the number of people moving out of the city in its 145 zip codes.

CBRE reported that the flight from the city (including all five boroughs) last year totaled about 2.4 percent of the population of the City of New York.

In 2019, it was recorded that New York City had a population of approximately 8.3 million people, as was reported by the United States Census Bureau. According to the Post report this translates into 200,000 people leaving in the last year. In 2020, 25 more people per 1,000 residents departed from the city than in 2019, as was reported by the Post.

The CBRE report was penned by Eric Willett who is in the company employ. He said, “The change is significant relative to normalcy but still reflects a relatively small number compared to the city as a whole.”

He added that “Net move-outs were 51 percent higher in 2020 than in 2019.” It was worse in Manhattan, where net move-outs last year jumped 62 percent over 2019, according to the Post report.