Now that the glory days of moving to Brooklyn after being priced out of Manhattan are all but gone, the question remains: where do Manhattanites move?
The above I.R.S. graph is based on net migration and shows a clear trend; while Staten Island seems to be a last resort for the priced-out set, The Bronx has attracted more Manhattanites than Brooklyn since the beginning of the decade.
From 2001 through 2006, over 23,380 Manhattanites relocated to the Bronx.
Every year, the Bronx led the three other outer boroughs in net gains of Manhattanites. That includes Brooklyn, traditionally perceived as the natural next stop in a priced-out Manhattanite’s real estate evolution.
Is it time to scan those Bronx real estate listings? Maybe not. Just last year, brokers seemed a bit concerned and disenchanted about the borough's real estate bubble, one saying, "The North Bronx north of Fordham Road is overrated. To me it doesn't make a difference if you are North or South Bronx, it is still low- to middle-income."
Prices are still on the rise, however -- in just one year (February 2007 to February 2008) condos in parts of The Bronx ("Riverdale, Parkchester and Spuyten Duyvil are the three most popular Bronx neighborhoods for home seekers in New York City") went up 11%.
Before packing your bags, there could be a better borough for you; NYMag recently checked out Suburban Jungle Realty, which is like a dating service but for homeowners and cities -- will you and The Bronx fall in love?
[via The Observer]
