A new report by the real estate brokerage firm Redfin showed that the most common cities that people moving to Florida are coming from are Chicago and New York.
The firm indicated that Miami and Tampa, both cities in Florida, saw the highest net inflow of homebuyers in this year’s second quarter. Cities that follow are Phoenix; Sacramento, California; and Las Vegas.
Other cities in Florida, such as North Port and Cape Coral, are also seeing increases in net migration.
Eric Auciello, a Redfin manager in Tampa, explained in the report: ”Tampa is still attracting a lot of out-of-state homebuyers, coming from places like New York, who can get more for their money in Florida. The spike in mortgage rates has priced some buyers out of the market, but it has also helped ease competition and curb bidding wars between locals and out of towners.”
According to the U.S. Census Bureau, Florida saw the country’s largest net domestic migration between July 2020 and July 2021, with more than 220,000 people moving there. Texas and Arizona followed, while New York, California and Illinois were the top states that saw residents leave.
Significant reasons for U.S. residents leaving metropolitan areas include higher living expenses and decreases in quality of life, such as crime.