- Philadelphia is now the top destination for New Yorkers relocating, per a StreetEasy report analyzing Zillow search data.
- Housing costs are a major factor, with median rents for a one-bedroom apartment in Philly at $1.53K compared to $4.28K in NYC.
- Suburban Philly rental demand is surging, with 95% occupancy rates and 10 prospective tenants per available unit.
Philadelphia has officially surpassed Miami as the top destination for New Yorkers leaving the Big Apple behind, thanks to more affordable housing and easy access to transportation, per Bisnow.
City of Brotherly Love
Since the pandemic began, NYC has seen many of its longtime residents move to Sun Belt cities. But more recently, Philadelphia has become the top destination for New Yorkers looking to relocate.
The shift from the Sun Belt to Philly is largely being driven by housing affordability, as Philly offers dramatically lower rent and home prices compared to NYC, while Sun Belt prices keep rising.
According to Zumper, the median one-bedroom rent in Philadelphia is $1.53K, while in New York, it’s $4.28K. Home prices are similar, with Philly’s median sale price at $382.7K, less than half of NYC’s $850K.
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Pandemic Migration
The COVID-19 pandemic accelerated migration trends, with many New Yorkers opting for Philadelphia’s Center City due to its affordable urban lifestyle and easy transportation links to NYC.
A Center City District report found that 15% of out-of-state residents who moved to the area between 2021 and 2023 came from New York—the highest of any state. Florida, the next largest source, accounted for just 6%.
Strong Suburban Demand
While Philly’s urban rental market remains stable, its suburban areas are seeing intense demand. RentCafe ranked the Philadelphia suburbs as the eighth-most competitive rental market in the nation, with 95% occupied units and 10 prospective renters per listing.
What’s Next?
With New Yorkers continuing to seek more affordable housing options, Philadelphia is likely to remain a top destination.
However, with the city still absorbing a surge in new multifamily units, rental growth may stay modest in the short term—while suburban demand continues to heat up.
