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
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
Hear from Gabino & Stephen Roche on Saphyre’s institutional AI platform that centralizes pre‑ and post‑trade data, redefining settlement speed and accuracy.
Elon Musk’s X has reached a tentative settlement with former employees of the company then known as Twitter who’d sued for $500 million in severance pay.
