December 8, 2010

BLOWING OUT OF THE BLUE STATES:

States People Are Fleeing (Jenna Goudreau, 12.08.10, Forbes)

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.

Posted by Orrin Judd at December 8, 2010 2:50 PM
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