Property buyers are looking for permanent residence solutions away from expensive cities like New York and San Francisco.

Of the top ten cities most popular with homebuyers and movers, half are in Florida, which, aside from cheap housing and plenty of sunshine, appears unaffected by rising mortgage rates.

Most homebuyers in Miami, Tampa, and Orlando, Florida live in New York City, according to a report from real estate agency Redfin.

Although the total number of people moving after buying a home has decreased compared to 2022, those who do eventually move are more likely to leave the city than look for another home in their metropolitan area.

The number of people looking to move to a new city fell by 3.6% in February compared to the same period last year, and the number of those who are looking for a metropolis where they already live fell by 14.4%.

According to Redfin, the cities that potential buyers abandoned in favor of others turned out to be the cities with the most expensive housing market – among them San Francisco, New York, Los Angeles.

Although the increase in the monthly cost of mortgage loans by almost 20% compared to last year due to rising interest rates, it seems that citizens are not in the market, but in more affordable cities, Redfin notes.

It is noted that the house in Miami in February was sold for $484,000 compared to $640,000 for a similar house in New York.

Source: Bloomberg.