A recent StreetEasy report shows that New Yorkers are increasingly considering Philadelphia for relocation, overtaking Miami as the top choice. With housing costs in New York being prohibitively high, one in three potential homebuyers in the boroughs are exploring outside options. Despite Florida's appeal, Philadelphia's lower living costs, proximity to New York, and vibrant food culture are compelling reasons for this trend. The median home price in Philadelphia is $256,000 compared to $1.1 million in Manhattan, highlighting the significant affordability contrast.
The median asking price for a home in Philadelphia sits at just $256,000, with average rent hovering around $1,700 - a steal compared to New York's astronomical real estate market.
Kenny Lee, senior economist at StreetEasy, noted that New Yorkers' long-standing connection to Florida hasn't waned, but shifting economic factors are influencing relocation patterns.
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