The Exodus from New York City during COVID-19 : Evidence from Out-of-Town Home Purchases

Using millions of individual-level property transactions, we provide direct evidence on the population redistribution from densely populated metropolitan areas to nearby locations after the COVID-19 outbreak. Specifically, we study the change in property purchases by New York City (NYC) residents in the rest of the New York State. At the highest point after the pandemic, quarterly property purchases in (non-)urban areas by NYC homebuyers increase by 180% (140%) relative to pre-COVID19 levels. Regression analyses on pulling factors of destination reveal that natural amenities and internet access become more attractive to NYC homebuyers after COVID-19, while urban amenities’ attraction decreases. In addition, we find that higher COVID death and infection rates pose a significant deterrence effect on NYC homebuyers’ reallocation choices