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
You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
William Falcon, CEO and Founder of Lightning AI, discusses the ongoing feud between Elon Musk and Sam Altman, and how everyday people can use AI in their lives.
U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
Jeff Benedict, author of 'The Dynasty,' weighs in on the Kansas City Chiefs being the next big dynasty, who he thinks will win Super Bowl LIX and more. Watch!