Gen-Z, millennials leaving New York for better financial climate, report shows
From 2013-2023, the population of New Yorkers aged 18-34 dropped 1.9%.
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Young adults are fleeing New York at an alarming rate, but Long Island is bucking that trend according to a new report from the New York State Comptroller's Office.
In "Obstacles to Independence: Financial Challenges Facing Young Millennials and Gen Z," Comptroller Thomas DiNapoli warns that lawmakers must make changes so the region is more affordable in order to stem the migration of young people.
"These trends may result in a generation struggling to meet or exceed the financial well-being of their parents," DiNapoli said.
The report found that some members of Generation Z (born 1997-2012) and millennials (born 1981-1996) are leaving the state because of "a complex economic landscape including higher unemployment rates, increasing costs, and larger debt burdens, that threatens their financial well-being."
From 2013-2023, the population of New Yorkers aged 18-34 dropped 1.9%. The decrease in young adults in the Empire State took place even as the population of that same age group grew nationwide.
Long Island was one of just three regions in the state that saw its population of young adults increase over the same time period.
