Pandemic boomtowns — including Miami — hit hardest by inflation

by Patrick Regan

Miami skyline skyscrapers ,yacht or boat next to Miami downtown, Aerial view, south beach. Miami

The four U.S. metro areas with the highest inflation rates in the third quarter of the year are also four of the hottest migration areas, a new Redfin report found.

Miami, Phoenix, Atlanta and Tampa saw double-digit consumer price index percentage growth year over year, and all four ranked near the top of Redfin’s most popular destinations for relocating homebuyers.

The price of goods and services rose 10.7% in Miami year over year, the fourth-highest inflation rate among metro areas measured by the U.S. Bureau of Labor Statistics. Of the cities analyzed in the report, Miami was the most popular relocation destination among Redfin users in the third quarter, the company said.

Phoenix had the highest inflation rate at 13%. Atlanta was next at 11.7%, followed by Tampa at 10.9%

“The pandemic triggered a great rebalancing of affordability,” Redfin Deputy Chief Economist Taylor Marr said in the report. “Americans left pricey coastal job centers and moved to more affordable places in the Sun Belt, but now those more affordable places are seeing affordability erode faster than anywhere else in the country. Some of these areas may lose their titles as top migration destinations in 2023 as a result.”

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