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Foreigners – whether from New York, California, Chicago or Florida – often bring with them higher salaries and higher budgets. As they do, house prices and rents are rising in Philadelphia and its suburbs, reports the Philadelphia Business Journal.
The average adjusted gross income of people moving from Manhattan to Montgomery County in the 2019 and 2020 tax years, for example, was over $198,000, according to census data. That was more than double Montgomery County’s median household income in 2020, which was $94,000.
In total, the new Manhattan and Brooklyn transplants alone brought in $455 million in annual revenue to the five-county area over those two years.
More than 4,600 New Yorkers moved from New York County (Manhattan), Kings County (Brooklyn) or Queens County (Queens) to the Philadelphia Five-County area in 2019 and 2020, according to data from the census. That makes New York the biggest source of new residents to Philadelphia and each of its collar counties — Bucks, Chester, Delaware and Montgomery — outside of the tri-state area.
Check out the full PBJ.com article to learn how median home values in counties like Bucks, Chester, Delaware and Montgomery increased by more than 20% between January 2021 and 2022.
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