In Pricey Cities, New Residents Make Much More Than Those Leaving
“Families of more modest means are leaving expensive American urban areas and being replaced by more affluent newcomers, and the income gap between those arriving and leaving hot spots is widening. New research from Issi Romem, chief economist at building-data website BuildZoom, finds that metropolitan areas such as San Francisco, New York, Los Angeles and Miami are seeing an influx of new residents from other parts of the U.S. who earn significantly more than those who are leaving.”