Americans Are Fleeing These US Cities In Droves

What do El Paso, New York, and Chicago have in common? They are among the top 20 cities from which Americans are fleeing in droves...

The map below shows the 20 metropolitan areas that lost the greatest share of local people to other parts of the country between July 2013 and July 2014,according to a Bloomberg News analysis of U.S. Census Bureau data. The New York City area ranked 2nd, losing about a net 163,000 U.S. residents, closely followed by a couple surrounding suburbs in Connecticut. Honolulu ranked fourth and Los Angeles ranked 14th.The Bloomberg calculations looked at the 100 most populous U.S. metropolitan areas.

So what's going on here? As Bloomberg notes, Michael Stoll, a professor of public policy and urban planning at the University of California Los Angeles, has an idea.

Soaring home prices are pushing local residents out and scaring away potential new ones from other parts of the country, he said. (Everyone knows how unaffordable the Manhattan area has become.)

And as Americans leave, people from abroad move in to these bustling cities to fill the vacant low-skilled jobs. They are able to do so by living in what Stoll calls "creative housing arrangements" in which they pack six to eight individuals, or two to four families, into one apartment or home. It's an arrangement that most Americans just aren't willing to pursue, and even many immigrants decide it's not for them as time goes by, he said.

El Paso, Texas, the city that residents fled from at the fastest pace, also saw a surprisingly small number of foreigners settling in given how close it is to Mexico.

"A lot of young, reasonably educated people are having a hard time finding work there," Stoll said. "They're not staying in town after they graduate," leaving for the faster-growing economies."

Source: Bloomberg

http://www.zerohedge.com/news/2015-07-22/americans-are-fleeing-these-us-cities-droves