The Real Deal:
Pricey American cities are starting to attract more residents who can afford those prices.
Research from economist Issi Romem has found that new residents coming into cities like New York, Miami and Los Angeles are making significantly more money than residents who are leaving, according to the Wall Street Journal.
The trend is strongest in San Francisco, where the people moving to the city and nearby Silicon Valley earned almost $20,000 a year more than the people who left the area in 2016. In Los Angeles, the income gap between people leaving and people arriving was $7,600.
Former industrial cities like Detroit and Cleveland are seeing the opposite trend, where new arrivals are making less than people leaving the cities.
New arrivals to cities also tend to be younger, more likely to rent and less likely to have children than people leaving.