People are Ditching New York and Moving to Florida Instead

By: Chris Gorrie | Published: Feb 09, 2024

A recent report by real estate brokerage Redfin highlights a significant migration trend, with thousands of New Yorkers choosing Florida as their destination. 

The report sheds light on the top metros in Florida attracting homebuyers, showcasing the Sunshine State’s appeal for those seeking both sun and more affordable homes.

Florida's Magnet Cities: Orlando, North Port-Sarasota, and Tampa

According to Redfin’s late November report, metros like Orlando, North Port-Sarasota, and Tampa in Florida emerge as sought-after destinations for homebuyers, especially those relocating from New York. 

Advertisement
A view of downtown Orlando, Florida at dusk from across Lake Eola Park.

Miosotis Jade/Wikimedia Commons

These cities stand out as attractive options, drawing attention in the nationwide relocation landscape.

Orlando: A Top Choice for New York Transplants

Orlando takes the spotlight as the third most popular metro for homebuyers in October. 

Advertisement
A view of downtown Orlando, Florida looking northeast. You can see the freeways stretching in various directions as they lead into downtown.

Karl E. Holland/Wikimedia Commons

An influx of 3,700 people, predominantly from New York City, underscores Orlando’s appeal. The city’s popularity ranks just below Sacramento, California, and Las Vegas, Nevada, showcasing its magnetic pull for those seeking a change.

North Port-Sarasota and Tampa: New York's Preferred Destinations

The allure of Florida extends to North Port-Sarasota and Tampa, where a significant number of homebuyers, mainly from New York City, found their new residences. 

Advertisement
A view of Tampa, Florida’s downtown skyline from across a river.

Mark Szelistowski/Wikimedia Commons

These metros, with their unique attributes, contribute to the broader trend of migration, particularly from expensive cities like New York.

Miami: Leading the Pack as New York's Top Destination

While Orlando, North Port-Sarasota, and Tampa are favored metros, Miami emerges as the absolute top destination for New Yorkers leaving the city. 

Advertisement
The lower Miami skyline photographed from the harbor at Bayfront Park.

Chris6d/Wikimedia Commons

Redfin’s data positions Miami as a key choice for those seeking a change, emphasizing the diverse options Florida offers to incoming residents.

Exodus from Expensive Cities: A National Phenomenon

Redfin’s analysis points to a broader trend of homebuyers leaving expensive cities like New York, San Francisco, and Los Angeles

Tons of cars attempt to pass through a tunnel together, resulting in a nighttime traffic jam.

Pixabay/Pexels

This exodus, gauged through net outflow, indicates a shift in preferences toward more affordable housing options, prompting individuals to explore alternative locations across the country.

Advertisement

Housing Affordability and Migration Dynamics

Redfin identifies a key driver behind this migration trend – the pursuit of more affordable housing

A model town showing rows of model homes.

David McBee/Pexels

As residents leave traditionally expensive job centers, cities and states offering housing affordability become attractive options. This dynamic plays a crucial role in reshaping migration patterns in the real estate landscape.

Advertisement

Median Sale Prices: New York vs. Florida

A stark contrast in median sale prices between New York and Florida further elucidates the motivations behind this migration trend. 

A view of the New York City skyline from high up. You can see the Empire State Building in the center of the image.

Roberto Vivancos/Pexels

While the median sale price of a home in New York stands at $762,500, Florida metros like Orlando, North Port-Sarasota, and Tampa present significantly lower figures, making them more financially accessible.

Advertisement

Environmental and Insurance Considerations

Redfin introduces the aspect of environmental considerations and an ongoing insurance crisis in Florida, suggesting that homebuyers may be navigating uncertainties related to climate risks. 

A silver BMW sits halfway submerged in flood waters on a city road.

Pixthree/Wikimedia Commons

The report delves into the potential impact of hurricanes, flooding, and the insurance landscape on the housing market and residents’ decision-making.

Advertisement

Departure from New York City: A Changing Landscape

New York City, once a prominent origin for homebuyers, has witnessed a notable shift. Redfin’s data reveals a decline in the number of people leaving the city in October, attributing this change to strained housing affordability. 

A house key sits inside the lock on a house’s front door.

PhotoMIX Company/Pexels

The report emphasizes the evolving landscape where fewer individuals are moving, but those who do seek more cost-effective alternatives.

Advertisement

Nashville's Emergence: A New Destination

Nashville makes a notable appearance on Redfin’s list of top migration destinations. 

An image of the Nashville, Tennessee skyline in daytime.

Anonymous615/Wikimedia Commons

After being absent since 2021, the city becomes the ninth-most popular destination for homebuyers looking to relocate in October. Factors like affordability, low property taxes, and a favorable cost of living contribute to Nashville’s newfound appeal.

Advertisement

Sacramento: The Most Popular Migration Destination

Redfin’s data highlights Sacramento as the most popular destination for homebuyers looking to move to a new metro area in October. 

Downtown Sacramento photographed from across the riverfront. There are ferries floating on the river.

DevinCook/Wikimedia Commons

With a focus on net inflow, the report emphasizes the factors contributing to Sacramento’s popularity, including its affordability compared to origin cities like San Francisco.

Advertisement