Forbes
"We're seeing one of the lowest mobility rates in a century," says Nathaniel Karp, chief economist for banking firm BBVA Compass. Karp says the recession has forced many people to stay put because they are unable to sell their homes, cannot find jobs or are unwilling to relocate for work if it means sacrificing a partner's stable position.
The slowdown makes the question of who's moving and why even more significant than in years past. Using 2010 projections by Moody's Economy.com, Forbes ranked the states in which people are leaving faster than they are arriving. Economists report several overlapping trends that may be forcing people out of certain states as much as they are pulling them toward others.
In Pictures: Top 10 States People Are Fleeing
At No.1 on our list, New York is expected to wave goodbye to 49,000 more people than it gains this year. The state has seen a steady loss of residents over the past five years, losing an average of 100,000 people per year. Karp explains that, because New York is a large state, it may report greater movement than others, but notes that population size is not the only reason residents are fleeing.
"In order to move, you need to be able to sell your home," says Karp. "The housing market [in New York] has not gone through the meltdown that other states have gone through."
While New York homeowners may have a slightly easier time selling their homes and moving to greener pastures, a competing trend is the number of unemployed renters who can no longer afford the high cost of living in and around New York City. Karp says the expensive lifestyle and high taxes may force the long-term unemployed to move on to more affordable regions.
The Prairie State came in at No. 2. Illinois is expected to lose 27,000 people this year, consistent with its average annual loss over the last five years. The losses are likely linked to the state's economy and tax structure. Job losses in manufacturing and industrial machinery are likely pushing people out of the state, Karp says, adding that state taxes have also been "an issue" for many residents.
Midwestern states, in fact, are well-represented in the top-10 list. Nebraska (No. 4), Kansas (No. 5) and North Dakota (No. 9) are among the many central states projected to lose residents in 2010.
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6 comments:
Gulf state residents are leaving not only because of lack of business, but the toxic result of BP's oil spill.
Trends will show a migration to the northern central states which are less affected, but in time these states too will find the same..rich keep getting richer while the poor just suffer.
BANKS are largely responsible for this, untill they are punshed and made to fix what they caused...NOTHING is going to change!
Like I would believe anything written by Forbes. lol. Most of the major media I hardly ever give any of my valuable time.
I live in Illinois and I would love to get out of this corrupt state.
ND in the top 10 what? It has been in the news for months that there is a huge housing shortage. People are flocking here to get away from the liberal states and offensive tax rates.
ND has a great banking system, and there is a huge oil and gas region Canada and the northern states are developing, called the Bakken feild, in the Wiliston zone, also, coal, potash and water, and central pipelining to Houston, also the revival of some of the uranium mines in northern Sask and the Dakotas
Yeah I agree I live in South Dakota and I know for a fact that North Dakota is not on that list because I know people that drive up there from here and I have seen all the building up there. Nobody is leaving that state to go work where??
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