Housing prices likely to increase in these five Florida cities due to record influx of out-of-state residents

Photo bySkyler SmithonUnsplash

According to a Redfin report, record numbers of Americans are considering relocating outside of their current city and state. In fact, one-in-four people (25%) searching the site are looking at a new city.

There are two reasons for this. With the rise of remote working brought on by the pandemic, many knowledge workers can clock in from wherever they choose as long as they have an Internet connection. Therefore, some are considering moving for a change in lifestyle. The sunbelt boasts the most popular locations for these individuals.

Affordability is also a huge factor. Redfin searchers tend to be considering more affordable real estate markets (relative to where they currently live) and lower costs of living. That's no surprise, since with inflation and higher mortgage rates, "the typical monthly housing payment is 26% higher than it was at the beginning of 2022."

This means that Los Angelenos are considering Las Vegas and Dallas, San Franciscans are contemplating Sacramento while Chicagoans eye Milwaukee.

Which Florida cities are getting the highest influx?

But while migration is happening everywhere, Florida cities are seeing the highest levels of influx. Some of these cities may be what you were expecting, while others may be a little more surprising.

Miami - most people wouldn't consider Miami the most affordable city, but for Manhattanites, it offers all the amenities of a large urban location with sun and surf to boot. Miami is seeing more influx than any other city in America.

Tampa - Tampa is fifth on the list in terms of cities getting the most influx, which is significant for a city of its size. With its warm winters and beautiful bay views, it's luring NYC residents down south.

Cape Coral - this mid-size Florida city is seventh on the list and boasts water, an affluent yachting community, and incredible biodiversity. That, and the sunshine must be what's luring Chicagoans.

Orlando - theme park central is eighth on this list. Access to fun family activities, world-class dining, and ecological wetlands may be what's drawing in New Yorkers.

North Port - Chicagoans looking for a quiet suburban town are drawn in by North Port, which boasts copious golfing, mineral springs, and freshwater canals.

As Northern populations relocate, Floridians can expect higher real estate prices, an escalating cost of living, and more population density over the next 10+ years. Those left in the North, by contrast, may see some decrease in prices once demand softens in their region.