With home prices soaring across the country, a record number of people are moving to more affordable areas. That includes Tampa. According to Redfin, a full-service real estate brokerage, the number of homebuyers moving from one part of the country to another is at a record high. Learn more about why homebuyers are moving to Tampa and where they are moving from.
National trends
House prices are up an average of 16% from last year and mortgage rates are rising. According to Redfin, 32% of their users looked to move in January and February of 2022. This data is based on a sample of about two million Redfin.com users who searched for homes across 111 cities in January and February. Homebuyers are moving at a record rate largely because remote work gives many Americans the freedom to live in more affordable areas.
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And many people are buying homes as an investment rather than a place to live. “Some of them are relocating permanently, some are buying vacation homes and some are investors who turn the homes into rentals,” said Redfin agent Heather Mahmood-Corley speaking about people moving to Phoenix. “They realize they can buy three rental properties here for the price of one in San Francisco. It’s a side hustle for some and a retirement plan for others.”
Flocking to Florida
Of the top five most popular destinations for homebuyers looking to move to in January and February, two are in Florida:
- Miami, Florida
- Phoenix, Arizona
- Tampa, Florida
- Sacramento, California
- Las Vegas, Nevada
Sunny, relatively affordable metro areas always top the list of cities homebuyers want to move to. The trend has grown even stronger over the last year as remote work has become permanent for many Americans. Expensive coastal cities are top of the list of places homebuyers are looking to leave. This trend has grown stronger with the pandemic, with some of the top cities like San Francisco, Los Angeles and New York City seeing an outflow of people.
