New York City’s population declined in 2025 after two years of post-pandemic growth, as rising housing costs, shifting migration patterns, and changes in immigration flows contributed to a loss of residents across income levels.
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A report from the Citizens Budget Commission found that 114,000 more people moved out of New York City to other parts of the United States than moved in last year. This followed a similar trend in 2024, when 94,000 more people left than arrived, and remained well below the pandemic-era peak in 2021, when about 330,000 more people left than moved in. Many of those leaving relocated to New Jersey, Connecticut, and Pennsylvania, Florida, Texas, Georgia, North Carolina, and California.
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The report noted that out-migration spanned income levels, with more residents of varying economic backgrounds leaving than arriving. “More New York City residents of all incomes, races, ethnicities, and ages have moved to other parts of the U.S. than moved in,” the study observed, describing a broad-based shift in which many residents no longer find the city’s value proposition compelling.
Housing affordability emerged as a key factor influencing these trends. Median asking rent in the city rose nearly 7% in 2025 to $3,585, according to Realtor.com data, while vacancy rates remained below 2%. Economists cited persistent supply constraints and limited new development outside of luxury housing as contributing to the imbalance.
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Realtor.com economist Jiayi Xu remarked that “out-migration doesn’t solve a supply crisis,” noting that structural shortages continue to pressure renters even as residents continue to leave. Analysts also pointed to high living costs, taxes, and quality-of-life concerns as additional drivers behind sustained departures from the city.
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