New York City's population shrank by 5% post-pandemic: Report
The Ridgewood neighborhood in the Brooklyn borough of New York, US, on Wednesday, Dec. 6, 2023. A strong economy helped mint an additional 17,500 millionaire households in New York between 2020 and 2022, according to a report from the Fiscal Policy I
NEW YORK - New York City's population has shrunk by 5% between April 202 and July 2022, according to a new report by the New York State Comptroller's Office.
That population loss, driven by the pandemic, effectively wiped out nearly three-quarters of the population gains made during the prior decade.
Many of those who fled the city either moved to other parts of New York or New Jersey, with many people citing the persistently high cost of living as a reason for exiting the city.
Other factors for leaving the city included the rise of remote work.
The city also saw a decline in net international migration. Between April 2020 and June 2021, the city saw a net loss of nearly 21,000 people, almost a third lower than in the 12 months ending in June 2019 and almost two-thirds lower than the June 2016 level.
Visitors in Central Park in the Midtown neighborhood of New York, US, on Wednesday, Dec. 6, 2023. A strong economy helped mint an additional 17,500 millionaire households in New York between 2020 and 2022, according to a report from the Fiscal Policy
The pandemic has also significantly changed the city's demographics. From 2019 to 2020, the number of residents with an incoming of less than $100,00 increased by 3.3%, offsetting the decline of 42,383 people earning over $100,000 a year.
The number of households with incomes of $100,000 or more also decreased for the first time in over a decade, dropping to 42.5% from 2019 to 2021, but in the following year, rebounded to reach a record high of 39%.
The number of children younger than 5 years old in the city also saw a major decline, dropping by 12.5% between April 2020 and June 2022, a much steeper decline compared to the adult population, which dropped by 4.7% during the same period.