They're Going To DeSantisland: These Uber-Liberal Cities Lead The Nation In People Moving To Florida

By Mark Gruber | Wednesday, 27 July 2022 05:15 AM
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They're Going To DeSantisland: These Uber-Liberal Cities Lead The Nation In People Moving To Florida

A new report by the real estate brokerage company Redfin revealed that the most common cities that people moving to Florida are arriving from are Chicago and New York.

The firm showed that Miami and Tampa, both cities in Florida, witnessed the highest net inflow of homebuyers in this year's second quarter. Cities that follow are Phoenix; Sacramento, California; and Las Vegas.

Different cities in Florida, like North Port and Cape Coral, are likewise witnessing net migration growth.

Eric Auciello, a Redfin manager in Tampa, clarified 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.''

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According to the U.S. Census Bureau, Florida saw the nation's largest net domestic migration between July 2020 and July 2021, with over 220,000 people moving there. Texas and Arizona followed, while New York, California and Illinois were the top states that witnessed residents leave.

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Significant reasons for U.S. residents leaving metropolitan areas include higher living expenses and decreases in quality of life, like crime.

“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,” declared Eric Auciello, a Redfin manager in Tampa. “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. Many buyers who kept getting outbid at the market's peak are now getting their offers accepted, and in some cases, they’re even able to use FHA loans, make smaller down payments and keep the appraisal contingency.”

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That marks a change from the height of the pandemic purchasing frenzy, when sellers were often more prone to get offers that used conventional loans and waived contingencies.

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Movement into San Diego and San Antonio is likewise on the upswing, with higher net inflow in the second quarter than a year earlier. Los Angeles is a common origin for people relocating to both of those places.

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In the meantime, net inflow into Phoenix, Sacramento, Las Vegas and Dallas has slowed since last year. That’s partly because home prices have increased so much in those areas, taking them from relatively affordable to not-so-affordable. Prices in Phoenix, for instance, rose 20% year over year to $485,000 in June, and in Las Vegas they rose 23% to $450,000. Nonetheless, these places are significantly more affordable than coastal hubs like San Francisco and New York.

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