Major freeways through downtown Miami surrounded by the buildings of the financial district as shot from an altitude of about 800 feet during a helicopter photo flight.
Miami was the most popular destination for home relocations in January, according to data from online real estate firm Redfin.com.
The glitzy coastal city joins five other Florida cities and towns that made Redfin's top 10 list for net migrations: Tampa, Cape Coral, Orlando, and North Port-Sarasota.
“A lot of buyers have flocked into coastal Florida from out of town over the last several months,” said Elena Fleck, a Redfin agent in Palm Beach. “Buyers moving in from places like New York and San Francisco are helping the local market recover from last fall’s housing downturn."
Miami is not an especially cheap place to live. The average sale price for a Miami home was $470,000 in January, which is well above the $383,000 national median. However, many buyers are coming from even more expensive locales. In New York, which was the top place of origin for relocators, the typical home sold for $650,000 in January.
"They’re not nearly as fazed by high mortgage rates because homes here are so much less expensive than their hometowns, and they get larger lots, pools, nice weather and lower taxes," said Fleck about the homebuyers.
Redfin said a record one-quarter of users were looking to move to a different metro area in January, as work from home and high housing prices have pushed many to seek greener, more affordable pastures. The cities with the most outflow included San Francisco, Los Angeles, New York, Washington, DC, and Chicago.
Other popular destinations outside of Florida included Sacramento, Las Vegas, and Phoenix
The federal tax collector said Monday that roughly 940,000 people in the U.S. have until May 17 to submit tax returns for unclaimed refunds for tax year 2020, which total more than $1 billion nationwide.
Allies of Florida Gov. Ron DeSantis and Disney have reached a settlement agreement in a state court fight over how Walt Disney World is developed in the future.
Ahead of the WNBA season and in the midst of March Madness, New York Liberty CEO Keia Clarke discusses the team’s new deal with Barclays and bringing even more attention to women’s sports.
U.S. Nissan head Jérémie Papin joins from the New York International Auto Show to give a preview of what’s to come from the carmaker – including the 2025 Nissan Kicks.
Ed Mitzen, the CEO of Business for Good, explains how and why he’s giving back by funding businesses from marginalized entrepreneurs to push social change.
Dana D’Auria, co-CIO at Envestnet, breaks down how she’s expecting markets to perform as ‘cracks’ from the rate hike cycle slowly filter into the economy.
