Across the nation, home prices rose 19.2% in January of 2022, compared to that of the year before. Topping the rankings of cities with the largest increases in home prices were all Southern cities. These included Phoenix, Tampa and Miami. Tampa saw a 32-month consecutive rise in home prices, with an increase of 32.6% in January of 2022, compared to the year before. This city was followed by Tampa, with a 30.8% increase and Miami with a 28.1% increase.
The mass migration to the south is driven by both the desire to leave high-density areas, as well as a new way of working, now able to be done from almost anywhere. Many people cited their moves to wanting to be closer to family after having to be isolated for over 2 years due to the pandemic. Finances were also an impact in the decision to move, with many people looking to have a more affordable cost of living as the Northeast and California have priced-out many people.
These moves are frequent across all demographics, with 1 in 10 Americans moving in the first part of 2021 alone. Professionals, families, retirees and young adults are all finding new addresses.