US homebuyers are fleeing cities due to growing concerns around
pollution and mental health, according to new research from HSBC
NEW YORK–(BUSINESS WIRE)–HSBC’s
annual Beyond
the Bricks survey revealed that one in five (20 percent) people who
moved out of the city this year did so to escape the impact of pollution
on their wellbeing. Environmental factors had more influence on their
decision to move than the desire to start a family (15 percent) or to be
closer to a partner (15 percent).
This comes after the latest air quality data report released by the
World Health Organization (WHO) revealed that only 20 percent of the
global urban population live in cities that meet WHO air quality
guidelines (PM2.5).1 In fact, the New York City Department of
Health and Mental Hygiene estimates that each year, PM2.5 pollution
causes more than 3,000 deaths, 2,000 hospital admissions for lung and
heart conditions, and approximately 6,000 emergency department visits
for asthma in children and adults.2
“A city like New York is both attractive and problematic to young
families,” said Saskia Sassen, The Robert S. Lynd Professor of Sociology
at Columbia University and expert in international human migration. “It
offers multiple attractions for entertaining both children and adults,
but, as with most US cities, urban life comes with high costs of living,
traffic congestion and exposure to potentially harmful chemicals and
pollutants. Because of this, we are seeing more families leave New York
City for the Tri-State suburbs in search of cleaner and better quality
air.”
Mental health is another major wellness trend driving movement. In fact,
one in four people (25 percent) are expected to experience mental health
problems in their lifetime3 and the risk is even higher for
city dwellers, who are 21 percent more likely to develop an anxiety
disorder. It’s no surprise that 20 percent of US survey respondents said
the potential for improved mental health in the suburbs influenced their
decision to escape to the country.
Technology has also played an important role in people’s ability to move
outside city centers. The rise of flexible working has greatly impacted
the decision to move — in fact, more than one in ten (11 percent)
urbanites said this was the main reason they decided to leave the city,
followed closely by improved public transportation like trains and buses
(10 percent) which allow for an easy commute.
Overall, the number of people who moved out of US cities last year
increased by 7 percent. The only other country that had this much
movement was France (10 percent).
“Choosing where to live is a very personal choice. We’ve noticed that
health has become an important factor for some people when deciding
where to buy a home,” said Raman Muralidharan, Head of US Mortgage for
HSBC’s Retail Banking and Wealth Management business. “A number of
families seem to prefer buying a house in the suburbs rather than
renting a small apartment in a city. They want more space, but also
cleaner air and a calmer mind.”
Survey Methodology
Beyond the Bricks Survey research was carried out by Toluna on behalf of
HSBC through an online survey. The total sample size was 11,932 adults
aged 21+ across the globe. Fieldwork was undertaken between November
11th to December 5th 2018. The figures have been weighted and are
representative of all adults in 10 markets: Australia, UK, Canada, USA,
Mexico, France, United Arab Emirates, Singapore, Malaysia and Taiwan.
HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves
customers through retail banking and wealth management, commercial
banking, private banking, and global banking and markets segments. It
operates bank branches in: California; Connecticut; Washington, D.C.;
Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and
Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA
Inc., a wholly owned subsidiary of HSBC North America Holdings Inc. HSBC
Bank USA, N.A. is a Member of FDIC. Investment and brokerage services
are provided through HSBC Securities (USA) Inc., (Member
NYSE/FINRA/SIPC) and insurance products are provided through HSBC
Insurance Agency (USA) Inc.
HSBC Holdings plc, the parent company of the HSBC Group, is
headquartered in London. The Group serves customers worldwide across 66
countries and territories in Europe, Asia, North and Latin America, and
the Middle East and North Africa. With assets of US$2,558bn at 31
December 2018, HSBC is one of the world’s largest banking and financial
services organizations.
1 https://www.who.int/sustainable-development/cities/health-risks/air-pollution/en/
2
https://www1.nyc.gov/assets/doh/downloads/pdf/eode/eode-air-quality-impact.pdf
3
https://www.who.int/whr/2001/media_centre/press_release/en/
Contacts
HSBC Media:
Matt Klein +1 212 525 4644 [email protected]
Carolyn
Hamm +1 212 525 0720 [email protected]
