Thousands of New Yorkers are moving to Florida in search of a place in the sun and cheaper homes, according to a recent report on migration by real estate brokerage Redfin.
The report released in late November revealed that the Floridian metros of Orlando, North Port-Sarasota and Tampa are among the most sought-after areas for homebuyers relocating across the country and a top choice for New Yorkers leaving the Empire State.
A total of 3,700 people moved to Orlando from out of state in October, a majority of whom were coming from New York City, according to Redfin. Orlando was the third most popular metro for homebuyers to move to the same month after Sacramento, California, and Las Vegas, Nevada.
A total of 3,600 people, mostly New Yorkers, moved to North Port-Sarasota in the same month, while 2,800 homebuyers—mainly from New York City—moved to Tampa.
While cities like Orlando and Tampa were some of the most popular for homebuyers moving out of their state across the country, the absolute top destination for people leaving New York City was Miami, according to Redfin.
Homebuyers are leaving expensive cities like New York, San Francisco and Los Angeles in droves, Redfin calculated based on net outflow, which measures how many more Redfin.com users were looking to leave a metro than move in. The majority of homebuyers moving to Sacramento in October, a total of 5,000 according to Redfin's report, came from San Francisco and New York.
According to the real estate brokerage, this is happening because residents traditionally tend to leave "expensive job centers" for other cities and states where they can find more affordable housing.
The median sale price of a home in New York was $762,500 in October, according to Redfin, while in Orlando, it was $385,000. In North Port-Sarasota, the median sale price of a home was even lower, at $378,000, and in Tampa, it was $400,000.
Redfin believes that New Yorkers and other homebuyers moving out of expensive metros are taking advantage of the uncertainty surrounding Florida, which is amid an insurance crisis, and the increased risk posed by global warming.
"Florida is endangered by hurricanes and flooding, and Sacramento and Las Vegas face risk from high heat," the company wrote in its report. "Insurers have pulled out of vulnerable areas in recent months, which could ultimately lead to a decline in home values in some places."
New York was the top two city homebuyers moved out of in October after San Francisco, according to Redfin. A total of 25,300 people left the city in October—down from 35,700 in October 2022.
This drop is because "housing affordability has become increasingly strained, meaning that while fewer people are moving in general, many of the people who are moving are relocating to different metros to get more bang for their buck," Redfin wrote in its report.
Are you considering moving out of New York for Florida or any other state? Email g.carbonaro@newsweek.com
Uncommon Knowledge
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
About the writer
Giulia Carbonaro is a Newsweek Reporter based in London, U.K. Her focus is on U.S. and European politics, global affairs ... Read more
