Florida is No. 1 state where most American homebuyers are planning to move

Florida is No. 1 state where most American homebuyers are planning to move

A new study shows that almost 25% of residential property buyers in the USA want to move from their current locations and many of them are considering Florida cities.

The US housing market has cooled significantly in the second half of 2022, as high mortgage rates, inflation, and an economic downturn are scaring away potential buyers and sellers. However, an unprecedented percentage of people who are still purchasing homes are moving to new urban neighborhoods. Many are considering relatively affordable options, as 7% mortgages and consistently high house prices make expensive locations even more expensive, Redfin discovered in its new study.

Experts have established that 24.1% of people planning to purchase real estate want to move to another urban district. The survey included over 2 million potential buyers who were looking at listed houses in over a hundred urban localities from August through October this year.

Sacramento led the ranking of localities most popular among American property buyers. Five out of ten key migration destinations in this list are situated in Florida: Miami, Tampa, North Port, Cape Coral, and Sarasota.

The study remarks that people moving to places such as Florida make a decision to migrate due to the prices of local homes that are far lower than in cities like Los Angeles.

Relatively affordable urban neighborhoods in the Sun Belt (which includes several US states, Florida among them) are usually the most popular among home buyers, mostly because they offer larger properties at lower prices. In Las Vegas, for instance, a standard house cost $410,000 in October, which is two times less than in Los Angeles ($823,000), the study says.

An increasing number of homebuyers want to leave San Francisco, Los Angeles, New York, Washington DC, and Boston. The research showed that 24% of potential property buyers wishing to move to another urban neighborhood currently live in San Francisco, 20% in Los Angeles, 27% in New York, 18% in Washington DC, and 19% in Boston.

A similar study published by Lending Tree last month showed that states with the highest share of population wanting to move to another state include high-cost areas, such as New York, Hawaii, and Massachusetts.

On the other hand, states with the highest share of residents who wanted to stay where they were include Texas, Michigan, Ohio, Oklahoma, and Florida.

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