Less water in the talent pool: The middle class flight from New York City

Article and Report

Excerpts from article...

The report defines a middle class New Yorker loosely as someone who has enough money to pay the bills, have health insurance, own a computer with Internet connection, live in a safe neighborhood and take a vacation once a year.

In 2006, 151,441 residents left the city, a 7% increase over 2002. The overall population increased as a result of natural births and immigration.

Nnumber of New Yorkers with bachelor’s degrees who left the city rose to 29,370 in 2006, up 127% from a year earlier.

In the third quarter of 2008, only 10.6% of all housing in New York City was deemed affordable to people earning the median area income.

The city has lost a far greater share of blue collar jobs than Los Angeles, Chicago, Houston and other major cities. More than 150,000 goods-producing jobs have been lost since 1990, including 66,500 in the past decade.

“A New York inhospitable to middle class aspirations,” the report concludes, “will lose population, character and ultimately even its economic pre-eminence.”

Comment by Steve Levy on February 6, 2009 at 7:13am: Rayanne- Primary areas are Philly, the Poconos, western New Jersey, Allentown, Charlotte and Atlanta.

The report is a must read for recruiters who are planning wonks and who recognize that politicians haven't the foggiest idea how to address these job and cost-of-living issues.

What is the situation where you are?

Comment by Maureen Sharib on February 6, 2009 at 3:27pm: More on that study, Steve:

N.Y.C. so costly you need to earn six figures to make middle class Is New York no longer livable for the middle class?
The middle class crunch: 'Trapped' even with 'very decent living'
More than $2,000 a month for day care. Some of the highest phone bills in the country. Jam-packed, 50-plus-minute commutes to work.

You knew it was tough to live in New York City — but this tough?

A new report shows just how ugly — and expensive — New York City can be, especially for the middle class, squeezed by skyrocketing living costs and stagnant wages.

The study, released Thursday by the Center for an Urban Future, shows that New York City is hands-down the most expensive place to live in the country.
Among the findings:
A New Yorker would have to make $123,322 a year to have the same standard of living as someone making $50,000 in Houston.
In Manhattan, a $60,000 salary is equivalent to someone making $26,092 in Atlanta.
You knew it was expensive to live in Manhattan, but Queens? The report tagged Queens the fifth most expensive urban area in the country.
The average monthly rent in New York is $2,801, 53% higher than San Francisco, the second most expensive city in the country.
“Income levels that would enable a very comfortable lifestyle in other locales barely suffice to provide the basics in New York City,” the report concludes.
More here.