The Disappearing Population of New York, Chicago and Detroit
By: Shannon Watson •
Where is Everybody?
It’s a prize nobody really wants to win: the highest rate of residents leaving. And, the prize goes to Detroit, with Chicago and New York trailing closely behind.
So why are residents fleeing these large cities in alarming rates?
For Chicago, the exodus is not just from the city but from the state with former residents indicating the desire to leave the high taxes and problems with state budget behind. And who wants to endure the wicked Chicago winters if a warmer climate were an option?
Many former Chicago residents also seek to escape the high crime rate as Chicago outpaces other large cities in the numbers of shootings and homicides.
For former New Yorkers, the crime rate isn’t the issue. The lack of affordable housing is. New York is experiencing a significant loss of rent-regulated units, and citizens are forced to leave the city they once called home.
In Detroit, industry left the citizens. Detroit has had the biggest loss of population of all major cities in the US. As jobs have left due to industries closing plants permanently or relocating elsewhere, citizens of Detroit have had to make the hard decision to leave.
So each of these cities is losing population due to various reasons, but the three cities also share a reason for population decline: Black citizens have shifted to suburbs from those three major cities as they have made the economic progress that eluded their parents and grandparents. It may have taken time to achieve that progress, but the shifting numbers have shown that progress is underway.
As you consider investing in property in any of these three major metropolitan areas, you may need to carefully examine current population trends to ensure that your investment has staying power both now and in the future.
Why are people leaving New York, moving city