Bloomberg found that Americans are leaving New York City, Los Angeles, and Honolulu in droves. Have these destinations lost their glitz and glamour?
Not quite. Even though these metro areas are among the top 20 of the 100 most populous U.S. metro areas seeing a high share of their residents migrate out domestically, they still have a steady inflow of new residents from abroad.
According to Bloomberg, local residents are getting priced out of these expensive, desirable cities. When they move out, they make room for people from outside the country, who fill both vacant low-skilled jobs as well as high-skilled positions in the tech or service industries.
But then there are cities that aren’t so lucky, mainly in the Rust Belt. Bloomberg’s analysis of U.S. Census data found that residents of Detroit, Cleveland, Toledo, and Dayton, Ohio, are moving away with no one else taking their spots.