Big Apple Seeding Philly Area With New Residents

Out-of-towners — whether they be from New York, California, Chicago or Florida — often bring with them higher salaries and higher budgets. As they do, home prices and rents are rising in Philadelphia and its suburbs, the Philadelphia Business Journal reports.

The average adjusted gross income for people relocating from Manhattan to Montgomery County in the 2019 and 2020 tax filing years, for example, was over $198,000, according to census data. That was more than twice Montgomery County’s 2020 median household income of $94,000.

In all, new transplants from Manhattan and Brooklyn alone brought $455 million in annual income to the five-county region 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 five-county Philadelphia area in 2019 and 2020, according to census data. That makes New York City the largest source of new residents in Philadelphia and each of its collar counties — Bucks, Chester, Delaware and Montgomery — outside of the tri-state area. 

Check out PBJ.com's full article for how median home values in counties like Bucks, Chester, Delaware and Montgomery rose by more than 20% between January 2021 and 2022.

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