News Summary
The Albany-Schenectady-Troy metropolitan area has experienced a significant growth in its young adult population, registering the largest net gain of adults aged 18 to 35 since the onset of the COVID-19 pandemic. A recent analysis revealed an increase of 5,419 individuals in this age group, making it the fastest-growing area for young adults in New York. While the state continues to face overall population decline, the Capital Region’s diverse job opportunities and lower living costs are attracting and retaining young talent, signaling a potential shift in regional dynamics.
ALBANY, NEW YORK – The Albany-Schenectady-Troy metropolitan area has seen a significant increase in its young adult population, reporting the largest net gain of adults aged 18 to 35 since the COVID-19 pandemic began. This noteworthy development, identified by a recent analysis from the Center for Economic Growth, revealed that between April 1, 2020, and July 1, 2024, the region gained 5,419 individuals within this age group. This increase equates to a 2.4% rise, giving the Capital Region the distinction of being the fastest-growing area for young adults among 13 metropolitan regions in New York.
In contrast to this local growth, New York State has continued to experience an overall population decline. Between 2020 and 2023, the state lost approximately 533,200 residents, which reflects a sharp 2.7% decrease in its total population. This trend of outmigration marks New York as the state with the steepest population decline in the United States, as reported by the Fiscal Policy Institute. The high cost of living remains a primary factor driving this outflow, impacting middle-class and working families the most. The economic landscape has led to a consistent loss of residents seeking more affordable living conditions in other states.
However, recent data from the U.S. Census Bureau indicates a slight recovery for New York’s population by 2023 and 2024, as the state regained about one-third of the residents lost during the pandemic. Furthermore, net out-migration from the state reached its lowest levels since 2013 in 2024, suggesting some stabilization in demographic trends.
The city of New York continues to play a significant role in the state’s population dynamics, accounting for 90% of the total loss, despite housing only 42.2% of the state’s populace. Additionally, the outmigration rate is notably higher among New Yorkers of color, with Black and Hispanic communities seeing significantly increased rates of departure compared to white residents.
Interestingly, while the top 1% of earners, defined as those making over $815,000 annually, are often thought to leave due to high taxes, findings reveal that this is not a primary factor for their relocation. Between 2020 and 2022, New York lost 2,400 millionaire households; nevertheless, the state also welcomed 17,500 new millionaire households, a shift attributed to a robust economy and rising wages.
Mark Eagan, the President and CEO of the Center for Economic Growth, asserts that the Capital Region’s appeal to young adults stems from a combination of diverse job opportunities, a high quality of life, and relatively lower living costs compared to larger cities such as New York and Boston. Within the Capital Region, Schenectady County recorded the highest growth in young adults, increasing by 2,850, followed closely by Albany County, which saw an increase of 2,614 individuals in the same age bracket.
The report also highlights that to maintain this recruitment of young residents, initiatives fostering a sense of “stickiness” are critical. These efforts aim to make young individuals feel encouraged to establish their lives in the region, creating roots and contributing to the local community. One of the contributing factors to the retention of recent graduates is the strong presence of colleges and universities within the area, which plays a vital role in keeping young talent in the Capital Region after graduation.
Overall, the Albany-Schenectady-Troy area stands out as a beacon of growth for young adults during a time when many parts of New York State are struggling with population decline. This increase may signal a shift in regional dynamics that bolsters economic prospects and community engagement moving forward.
Deeper Dive: News & Info About This Topic
- Times Union: Albany’s Youth Deserve Better
- Wikipedia: Youth Violence
- News 10: Albany County Leadership Discusses Youth Violence
- Google Search: Albany Youth Programs
- CBS6 Albany: Albany Police Chief Seeks to Expand Youth Programs
- Google Scholar: Albany Youth Violence
- WALB: Albany Teens Give Back
- Encyclopedia Britannica: Community Engagement
- WALB: Albany Teens Community Service Event
- Google News: Albany Community Events
Author: STAFF HERE NEW YORK WRITER
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
