South Florida among regions losing local homeowners, study says

by R. Michael Brown

South Florida among regions losing local homeowners to Ocala

Ocala master-planned community

Many local residents from Palm Beach, Broward and Miami-Dade counties decided to move from South Florida and buy homes in less crowded and cheaper areas of the state, according to a recent study from CoreLogic.

“The pandemic created a perfect recipe for consistently employed Americans,” said Archana Pradhan, CoreLogic’s principal economist, in a release. “If it had been any other mix of events, for example, if low housing inventory was coupled with job inflexibility, we wouldn’t have had such a large group of homebuying consumers feeling empowered to make bold moves in their living situations.”

Migration patterns away from expensive coastal metro areas to more affordable nearby suburbs and to less expensive secondary cities across Florida, Texas and North and South Carolina are anticipated to continue to impact housing markets. Real estate agents, homeowners, buyers and sellers will want to continue tracking movements that can impact home values and competition for homes.

A surprise in the moving out migration data was that Miami-Fort Lauderdale-Pompano Beach was No. 6 nationwide for local residents relocating. Those sold homes are most likely being purchased by Northeastern U.S. transplants or buyers from Latin American locations.

The cost of housing and living is much lower in North Florida compared to South Florida. For example, the typical home value in Broward County is $325,132 according to the Zillow Home Value Index. Marion County (Ocala area) is $193,231. Many long-term residents in South Florida that have paid off their mortgages, sell their houses and move to North Florida and purchase new houses for cash.

Metros with the Highest Out-Migration

  1. New York-Newark-Jersey City, NY-NJ-PA
  2. Los Angeles-Long Beach-Anaheim, CA
  3. San Francisco-Oakland-Berkeley, CA
  4. San Jose-Sunnyvale-Santa Clara, CA
  5. Washington-Arlington-Alexandria, DC-VA-MD-WV
  6. Miami-Fort Lauderdale-Pompano Beach, FL

Out of the top nine metros with the highest in-migration, Florida has five locations.

The Top 9 Metros with the Highest In-Migration

  1. Riverside-San Bernardino-Ontario, CA
  2. Lakeland-Winter Haven, FL
  3. Myrtle Beach-Conway-North Myrtle Beach, SC-NC
  4. Las Vegas-Henderson-Paradise, NV
  5. Tampa-St. Petersburg-Clearwater, FL
  6. Port St. Lucie, FL
  7. Jacksonville, FL
  8. San Antonio-New Braunfels, TX
  9. Deltona-Daytona Beach-Ormond Beach, FL

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