NYC money drives influx of residents
STAMFORD — New residents from far and wide landed in Connecticut’s lap during pandemicrelated exoduses, according to a new study. And among all of the state’s 169 municipalities, pockets of Stamford fared particularly well.
A Hearst Connecticut Media analysis of change-of-address notifications filed with the U.S. Postal Service found that Connecticut beat out regional competitors like Westchester and Long Island in terms of 2020 move-ins. The pandemic especially flipped the migration switch in two pockets of Stamford: the ZIP codes 06901 and 06903, according to real estate services firm CBRE.
The number of people moving from other, more populous places to the Stamford metro area exploded in 2020. Over 17,000 people moved to the Stamford-BridgeportNorwalk Metro from New York City and its surrounding communities in 2020. The year before, only 10,079 people made the same move, meaning the migration grew by 72 percent in one year, according to the Hearst analysis.
By population, the ZIP code for Stamford’s downtown, 06901, saw some of the most precipitous growth in Connecticut, according to the USPS data. For every 1,000 residents, 65 more people moved downtown in 2020 than in 2019. Over the pandemic year, in particular, the increase in that neighborhood beat out the boom in some of the city’s more suburban communities. And that only counts people who permanently changed their mailing address accordingly.
However, Stamford’s 06903 ZIP code — which spans all of North Stamford — fared better overall in the region’s population game. Even when accounting for residents who moved away, North Stamford gained at least 413 new residents by CBRE’s estimate.
“I’ve seen more baby carriages in the last six months than I have in the last six years,” said city Rep. Bob Lion, who represents part of North Stamford. He said he sees young families everywhere in his neighborhood. Of course, the trend has picked up over the last year, but Lion thinks it goes back years.
The 06902 ZIP code, a vast and socioeconomically diverse swath of Stamford south of Interstate 95 up to Westover, led the entire state in newcomers during 2019 and 2020. Between the two years, 13,452 residents moved there. But that influx of people alone only means so much. In that same time frame, 15,006 residents moved out of the 06902. Unlike Downtown and North Stamford, the pandemic’s net migration from that zipcode was relatively flat.
New families, many with young children, are replacing longtime residents who are looking to downsize or cash in on the hottest housing market since 2006. Lion thinks that the churn of families moving in and out of North Stamford is different than in years past.
During its corporate heydey in the 1980s, when the city had the largest concentration of headquarters in the country, “it used to be because people were transferring in and out,” Lion said. By his estimates, the corporate professionals who settled here 40 years ago are now turning over, thinking of downsizing or flocking to warmweather states like birds in the wintertime.
Combined with the pandemicrelated influx, real estate agents say Stamford is experiencing a perfect storm.
“There’s a severe lack of inventory right now in Stamford,” local real estate agent Chris Carozza said. In April 2021, only 91 homes were listed for sale in the entire 06903 ZIP code, according to data from Realtor.com. Exactly a year prior, 215 homes were listed for sale in the same community. Fewer homes drive up the price of real estate and heighten the stakes in competitive markets. Between February 2020 and February 2021, the median listing price in North Stamford jumped 30 percent.
Carozza said sees cash offers happening in places like North Stamford more and more because of the “New York City money” flooding the market, along with waived mortgage and inspection contingencies.
There’s a downside, however, especially for more vulnerable house hunters.
“If you have to sell your house to buy your next house ... you’re competing with people who don’t have anything to sell, and they have cash. It’s very difficult to compete with those people. That’s really frustrating for a lot of Connecticut buyers right now,” Carozza said.
In Fairfield County, the limited housing stock and competitive market have meant more people are moving farther away than before. CBRE data shows that a whopping majority of movers — more than 49,000 people — stayed within the county. But during the pandemic, the number of people moving between 100 and 500 miles from Fairfield County jumped by 19 percent.
That same zeal translated into enthusiasm about Stamford’s rental market, which has changed the most because of the pandemic. In 2019, Downtown lost 433 residents. One year later, move-ins to the same neighborhood jumped by 620 people.
Just before the pandemic stuck, Urby — a brand of apartment buildings with a penchant for aesthetically minded flourishes — opened its Stamford location right on the corner of Greyrock Place. And like many of its Downtown compatriots, the influx of residents to the neighborhood has been welcome news.
“We’re definitely considering people who are saying ‘I don’t necessarily need to be tethered to a certain area of New York City. I can have the flexibility of being a little bit further away,’ ” Urby Marketing Director Tara Leavitt said.
Leavitt thinks the Urby is strategically positioned for even more growth as people emerge from their socially distanced cocoons. The building is significantly closer to the Stamford Transportation Center than some of the other luxury properties nearby, she said, and proximity to both the train and the central business district helps give its tenants the best of both worlds.
While the pandemic has brought hundreds of people to Stamford, it’s the city’s job to convince them and their tax money to stay. A sure-fire way to to do that, according to Lion, is by investing in Stamford’s amenities.
The city representative said he hopes to see more money going towards parks, more Downtown programming like farmers’ markets and its outdoor dining initiative, and more large-scale events geared towards young people and families.
“It’s not going to be for me,” Lion said. “It’s going to be for those who buy my house.”