As the knowledge economy becomes increasingly spiky, concentrated, and urban, some of America’s most expensive cities like New York, Los Angeles, San Francisco, Washington, D.C., and Boston have become even more unaffordable. But the burden of escalating housing costs is not spread evenly, hitting some groups harder than others. As the affluent and the talented crowd into these urban centers, less advantaged families, those who don’t yet own a home, and younger people have trouble staying in or moving to cities, and many are pushed out.
But which cities have the highest housing burdens? What groups are being hit hardest? And who is able to stay in America’s “superstar cities” and tech hubs?
A new report from real-estate website Trulia takes detailed look, using data from the American Community Survey to track the types of people (by age, income, and occupation) that are staying and leaving these cities. The report calculates the “move-away rates relative to expectation”—or the percentage of how many people moved away compared to what we might expect based on the demographic representation of a group in a metro—for Millennials and several income groups in the ten most expensive metros in the U.S. Positive figures indicate higher outmigration than one might expect, and negative figures indicate higher stay rates than one might expect.
[For more of this story, written by Richard Florida, go to http://www.citylab.com/housing...g-priced-out/480243/]
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