There has been lots of talk in the last few months that New Yorkers are moving out of the city in mass numbers. No longer bound to their office jobs, work from home has allowed them to work from anywhere. But have they really moved, or are they living in their second home?
Using our Assets, Debts and Net Worth database, we looked at the percentage of households estimated to own a second home around the New York City metropolitan area. The map below shows the neighborhoods within New York, and the surrounding area, and the likelihood that someone living in those block groups owns a second home.
So, we have to wonder: have people really left New York as is being hyped? Or have they just temporarily left for their vacation homes in Florida, the Hamptons, and the Catskills?
Time will tell if there has been a large shift in New York City demographics, especially as states ease restrictions and offices open back up to employees.