Home prices have skyrocketed about +30% in some Sun Belt hotspots.
Most Popular Migration Destinations Seeing Housing Costs Soar
Nationwide, approximately 31% of Americans, according to Redfin, many of whom remote workers wanting to take advantage of historically low interest rates, swooped in to Sun Belt cities looking for affordable houses and tax friendliness during 2021.
What those migrants found, however, didn’t sync with their expectations. In Phoenix, the most popular of all migration destinations during 2021 with some 85,000 new residents, the typical home sold for $435,000 in December, an increase of more than +28% y/y, and/or an average monthly rental payment of $2,100, an increase of +26% y/y. Likewise, Phoenix experienced the second-highest inflation rate in the US, +8.4% y/y for consumer goods and services, during Q4 2021.
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Metros with Most Migrant Inflows, Soaring Prices & Scant Inventories
Metro Inflow Price Y/Y Change Supply Change
Phoenix 85,183 $435,200 +28% -18.6%
Dallas 56,449 $385,000 +20.3% -27.6%
Orlando 52,621 $356,000 +22.8% -29%
Atlanta 37,970 $350,000 +22.8% -27.4%
Tampa 37,440 $338,000 +24.3% -8%
Austin 32,184 $482,100 +30.3% -6.5%
Las Vegas 31,701 $399,400 +24.8% -27.7%
Charlotte 28,546 $357,000 +20.4% -31.4%
Denver 25,665 $540,000 +19.5% -26.8%
San Antonio 23,909 $308,600 +18.7% -17.8%
Times, They Are A-Changing
“Moving across the country is now easier for many Americans, thanks to remote work. That cultural shift is here to stay,” said Redfin Deputy Chief Economist Taylor Marr.
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“What’s changing,” continued Marr, “is the affordability of the most popular destinations. Some locals, particularly renters who aren’t able to take advantage of rising homme values, are getting priced out of places like Phoenix and Austin as the cost of housing and other goods and services go up. New construction tends to be robust in sprawling Sun Belt cities, and local governments ought to continue to prioritize building new homes to keep up with ongoing demand.”
Thanks to US Census Bureau and Redfin.