An exodus of residents from New York City and Los Angeles that began in 2020 has "persisted," according to Fortune, with another big-name city joining their ranks.
Nearly six years after the world shuttered and shifted amid a global pandemic, the aftershocks of those destabilizing impacts are still being felt.
Fortune examined a January 2026 Bank of America Institute report entitled "On the move: U.S. migration patterns." The Institute noted that domestic migration had slowed down since the initial exodus but that "regional reshuffling" continued to reconfigure parts of the United States.
As Fortune noted, a third city has sustained increasing population losses: Miami.
L.A. and Miami "topped the list of major U.S. cities suffering the largest population losses in absolute terms," the outlet said, adding that both showed the biggest year-over-year drops.
Losses were sharpest in Miami, however, and Fortune cited "affordability" and a "search for value" amid an ongoing cost-of-living crisis as driving factors. Miami overtook New York City for the number of million-dollar properties listed in late 2025.
Perk up the winter blues with natural, hemp-derived gummies Camino's hemp-derived gummies naturally support balance and recovery without disrupting your routine, so you can enjoy reliable, consistent dosing without guesswork or habit-forming ingredients. Flavors like sparkling pear for social events and tropical-burst for recovery deliver a sophisticated, elevated taste experience — and orchard peach for balance offers everyday support for managing stress while staying clear-headed and elevated.
Learn more → |
Housing and goods weren't the only high fixed costs in the regions; Florida is one of several states currently struggling with unaffordable home insurance rates, exacerbating the exodus.
Skyrocketing home insurance costs are a direct result of a sharp increase in extreme weather events, which also influenced Los Angeles residents grappling with more frequent wildfires and New Yorkers contending with a persistent uptick in coastal flooding.
In the report itself, the Bank of America Institute analyzed intra-regional move patterns, observing that many who left Los Angeles didn't go far, nor did they leave the West Coast.
"Additionally, some residents may also be weighing environmental considerations, including the region's increased exposure to wildfire risk, as they reassess long-term housing and lifestyle choices," the Institute explained.
TCD Picks » Upway Spotlight
💡Upway makes it easy to find discounts of up to 60% on premium e-bike brands
|
What's the most you'd pay per month to put solar panels on your roof if there was no down payment?
Click your choice to see results and speak your mind. |
$200 or more 💰 The Bank of America Institute's research on American interstate migration patterns found that the impacts of an overheating planet, along with affordability, were driving the bulk of moves out of these city hubs.
"Affordability and climate remain the two biggest magnets — and the two biggest push factors," a key takeaway at the top of the report stated.
Get TCD's free newsletters for easy tips to save more, waste less, and make smarter choices — and earn up to $5,000 toward clean upgrades in TCD's exclusive Rewards Club.
Cool Picks
