A record 24.9% of Redfin.com users planned a move to a different metro area in January, as elevated housing costs drove up homebuying demand in relatively affordable markets. The typical monthly housing payment has risen 26% since the beginning of 2022 thanks to soaring mortgage rates, and as a result, prospective buyers from pricey metros such as New York City are headed to comparatively low-cost areas like Miami.
Half of the 10 most popular migration hotspots were located in Florida, with Miami claiming the top spot, followed by Sacramento, Calif., Las Vegas, and Phoenix, Redfin reports.
“A lot of buyers have flocked into coastal Florida from out of town over the last several months,” said Elena Fleck, a Redfin agent in Palm Beach, which is part of the larger Miami metro area. “Buyers moving in from places like New York and San Francisco are helping the local market recover from last fall’s housing downturn. They’re not nearly as fazed by high mortgage rates because homes here are so much less expensive than their hometowns, and they get larger lots, pools, nice weather and lower taxes.”
Advertisement
Related Stories
Affordability
The Disappearing Act That Is Middle-Income Housing
An expert weighs in on the diminishing supply of middle-income housing, which is particularly acute in California, and what to do about it
Market Data + Trends
A Look at Homeownership Rates Across the Nation
Data for homeownership rates in the 100 largest US cities show Port St. Lucie, Fla., in the top spot, while West Virginia is the state with the most homeowners
Housing Markets
4 Cities Where Housing Inventory Now Exceeds Pre-Pandemic Levels
San Antonio leads with the greatest surge in the number of homes available post-pandemic
