New Yorkers Are Transferring to These Three Florida Cities

(Bloomberg) — Homebuyers are still fleeing expensive cities like New York and San Francisco for sunny skies and cheaper homes in Florida, undeterred by rising mortgage rates.

According to a report by real estate broker Redfin, half of the 10 cities with the highest net inflows of homeseekers are in the Sunshine State. New York was the top out-of-state origin for buyers in three of these Florida cities: Miami, Tampa, and Orlando.

Although the overall number of buyers looking to relocate has fallen compared to 2022, those who pick up and move will be more likely to go abroad than to househunt in their current metropolitan area. The number of people wanting to move to a new city fell 3.6% in February from the same time last year, while the number of people wanting to move within their current metro fell 14.4% is.

The cities with the highest net outflows came from the country’s most expensive housing markets, including San Francisco, New York and Los Angeles. Redfin defines net outflow as the number of apartment hunters wishing to leave a metro area minus the number of hunters wishing to move in.

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While rising interest rates have pushed monthly mortgage costs up nearly 20% year over year, that shouldn’t deter home seekers who feel like doing business in more affordable cities, Redfin said. A typical home in Miami cost $485,000 in February compared to $640,000 in New York.

To contact the author of this story: Paulina Cachero in New York at [email protected]

© 2023 Bloomberg LP

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