The Great Migration, which saw millions of Americans relocate to new cities during the height of the Covid-19 pandemic, has largely come to a halt, slowed by a mix of rising interest rates and soaring housing costs.
However, the trend significantly impacted Manhattan’s wealth, with New York County losing a net $3.7 billion in wealth between 2021 and 2022, according to a Business Journal analysis of the latest tax data. During that period, 77,870 tax filers with an average income of $189,885 moved into the county, while 78,843 filers with an average income of $234,039 moved out.
Brooklyn was among the largest beneficiaries, gaining $2 billion in adjusted gross income from Manhattan, followed by Westchester County ($1 billion), Suffolk County ($852 million), and Miami-Dade County in Florida ($1.6 billion). Collier County, Florida, attracted Manhattan’s highest earners, with 124 tax filers moving there, averaging an annual income of $1.3 million.
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