Approximately 24.1% of U.S. home buyers considered moving to a different metro area in the third quarter of 2022. Not surprisingly, 5 of the top 10 metro destinations are in The Sunshine State. So just what metro markets are Americans flocking to? We share the top 10 destination metro cities along with the top origin metros and top out-of-state origins below.
|Top U.S. Metro City||Top Origin Metro||Top Out-of-State Origin|
|1. Sacramento, CA||San Francisco, CA||Chicago, IL|
|2. Las Vegas, NV||Los Angeles, CA||Los Angeles, CA|
|3. Miami, FL||New York, NY||New York, NY|
|4. San Diego, CA||Los Angeles, CA||Chicago, IL|
|5. Tampa, FL||New York, NY||New York, NY|
|6. Phoenix, AZ||Los Angeles, CA||Los Angeles, CA|
|7. Cape Coral, FL||Chicago, IL||Chicago, IL|
|8. North Port-Sarasota, FL||Chicago, IL||Chicago, IL|
|9. Dallas, TX||Los Angeles, CA||Los Angeles, CA|
|10. Orlando, FL||New York, NY||New York, NY|
An exodus from expensive east and west coast cities
Overall, the housing market has slowed considerably in 2022. With this said, of those that are moving, the vast majority are leaving higher cost cities in favor of lower cost cities. In fact, San Francisco, Los Angeles, New York, Washington, D.C. and Boston saw more people leaving than any other metro cities. As a result, affordable Sun Belt metros are most popular with relocating home buyers, largely because they can get more home for less money.
In closing, it can not go unsaid that the single biggest factor impacting the migration trend out of large, more expensive coastal job centers is the popularity of the remote working environment. With more employers embracing the work from home model, this has removed all geographical boundaries for employees. The result is a shift out of high-priced metro markets and to lower cost areas.
Are you looking to buy or sell real estate in the South Florida area? We can help. Contact Natasha at Live South Florida Realty, Inc. today! Be sure to also download the free Florida Home Search app for your mobile device and have the power of the South Florida MLS in the palm of your hand!