Migratory patterns of New Yorkers amidst the COVID-19 pandemic and the resulting boom in housing demand in the Hudson Valley

Abstract

The COVID-19 pandemic sparked a large-scale migration away from America's cities, including, in particular, New York City. This paper studies the nature of the migration away from NYC: where people moved and was it permanent or temporary. Data shows that approximately 1,100 households changed their address from NYC to Dutchess County, a pastoral area in the Hudson Valley. Over the last decade, there has been an increasing amount of interest in this county due to its fine restaurants, train lines and amenities; the interest there has been compounded by the effect of COVID-19. Demand has outpaced supply, especially during 2020, resulting in a chronic housing shortage. The second part of this paper offers a business plan to answer this market need while offering compelling financial returns.