Florida regularly ranks as a top state for migration and is a perennial hotspot for retirement and relocation in the US. It’s therefore no surprise that the Sunshine State dominates the latest listings for hot relocation spots. Four Florida metros are in the top ten, with Miami and Tampa taking the first top positions.
Florida most popular for relocation in the US
The latest Redfin relocation report finds that Miami and Tampa were the nation’s top picks for relocation in April and May. Miami has been a firm favourite throughout 2022 while Tampa has just moved into second place, ousting Phoenix.
The report measures net inflow into a metro compared to net outflow. In other words, it looks at the number of people planning to move into and out of an area.
Miami number one
Miami had a net inflow of 11,350 people during the early spring, up 54.7% compared to April and May in 2021. The majority of those looking to move to Miami came from New York.
Tampa number two
Redfin attributes Tampa’s jump to the second most popular place for relocation in the US to its affordable real estate. It points out that although Tampa property prices have increased by almost 28% in a year, its average price (US$370,000) remains well below the national median of US$424,000.
In April and May, Tampa welcomed 8,756 new homebuyers, up 34% on the same period in 2021. Redfin figures show that migration has more than doubled in two years.
Cape Coral and North Port in top ten
Two other Florida metros featured in the top ten relocation spots in the US. Cape Coral took 6th position, followed by North Port in 7th.
Relocation at an all-time high
The Redfin report found that inter-state migration is more popular than ever in the US. In April and May, 32.3% of the property portal’s users were looking at relocating to a different metro area.
The figure mirrors that for Q1, a record high, and is over 6% higher than early 2020. Redfin attributes the surge in relocation in the US to “homebuyers chasing affordability”.
The Southwest and states like Florida offer more property for your money than metros on the east and west coasts. In addition, the working from home trend has facilitated relocation within the country.
Least favourite metros for relocation
While Florida metros rank as the top spots for migration, America’s biggest cities are suffering from the reverse effect. San Francisco and Los Angeles head the rankings as the metros losing most homebuyers, closely followed by New York, Washington and Seattle.
(Source: Redfin)
