New transplants from NYC alone brought $455 million in annual income to the five-county region in 2019 and 2020. But they’re also bringing rising home prices and rents in Philadelphia and its suburbs, the Philadelphia Business Journal reports.
Out-of-towners — whether they be from New York, California, Chicago or Florida — often bring with them higher salaries and higher budgets. As they do, home prices and rents are rising in Philadelphia and its suburbs, theThe average adjusted gross income for people relocating from Manhattan to Montgomery County in the 2019 and 2020 tax filing years, for example, was over $198,000, according to census data. That was more than twice Montgomery County’s 2020 median household income of $94,000.
In all, new transplants from Manhattan and Brooklyn alone brought $455 million in annual income to the five-county region over those two years. More than 4,600 New Yorkers moved from New York County , Kings County or Queens County to the five-county Philadelphia area in 2019 and 2020, according to census data. That makes New York City the largest source of new residents in Philadelphia and each of its collar counties — Bucks, Chester, Delaware and Montgomery — outside of the tri-state area.
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