A record number of Americans have been looking to relocate to less expensive markets during the past few years. Since the start of the pandemic, a significant driver for these moves has been the desire for more space. With social distancing becoming a part of our everyday language, the popularity of suburbs and areas providing more space skyrocketed. Of course, the popularity of the virtual office has lifted all restrictions for many Americans looking to relocate to entirely different states.
A recent report showed that up to 32.4% of Americans in January were looking to relocate. Pre-pandemic, this number was approximately 25%. With both rents and mortgage rates increasing, many economists predict that this trend will continue throughout the year.
Where are Americans moving to?
When analyzing “net inflow”, the top destinations for Americans looking to relocate were as follows:
- #1. Miami, FL
- #2. Phoenix, AZ
- #3. Tampa, FL
- #4. Sacramento, CA
- #5. Las Vegas, NV
- #6. Cape Coral, FL
- #7. Dallas, TX
- #8. San Antonio, TX
- #9. North Port, TX
- #10. Atlanta, GA
Not surprisingly, the most common origin for relocation searches to the Miami, FL area was New York, NY. South Florida has long been a relocation destination for many New Yorkers and this trend has only strengthened in recent years.
Summary
Once known for its relatively low cost of living relative to other parts of the country, South Florida prices have risen dramatically due to the record-level demand. Although Sunshine State residents still benefit from a lack of a state income tax, real estate prices and subsequent property taxes have recently presented more financial challenges for many. Of course, with prices rising in many areas of the country, South Florida continues to be a desirable location for many.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
