The Sunshine State is a perennial favourite for relocation within the US. This popularity has risen exponentially since the pandemic, particularly as over one-third of Americans can now work from home full-time. The latest relocation survey for Q3 this year finds five Florida metros in the top ten destinations.
More relocation than ever
Redfin’s quarterly relocation survey for July to September this year reveals that more Americans than ever are looking to move to another metro. The portal statistics showed 24.2% of property hunters searching outside their own metro.
The figure is the highest since September 2017 and well above the 18% average before the pandemic. Redfin puts the record figure down to the preference for moving to a cheaper location. “With a recession looming and household expenses high, relocation somewhere more affordable is an attractive option,” said Chen Zhao, Redfin Economics Research Lead.
Florida metros dominate table
According to Redfin, sunny and relatively affordable areas rank as the most popular choices for relocation. As a result, five Florida metros feature in the table.
Miami stands in second position, with Tampa, Cape Coral, North Port-Sarasota and Orlando in fifth, seventh, eighth and tenth positions, respectively. With the exception of Cape Coral, all metros received a net inflow from New York.
Sacramento in California headed the table as a cheaper alternative to San Francisco, while Las Vegas took second place.
West and East Coasts see highest outflows
While Florida metros mostly attracted house hunters from New York, the other most population relocation spots appealed to buyers from the west coast. For example, Sacramento was the preferred choice for residents in San Francisco. Californians also opted for Las Vegas and Dallas. Both had the largest inflow from Los Angeles.
The latest quarterly statistics reveal an underlying trend to leave expensive coastal job centres. This tendency began before the pandemic but has since gained momentum on the back of remote work opportunities and rising housing costs. As a result, more affordable regions rank as the most popular for relocation.
(Source: Redfin)
