New York's Loss is Florida's Gain: Redfin.Com Users Leaving Expensive States Picks Up With Pandemic

Rhea-AI Summary

According to a new report from Redfin, a significant migration trend has emerged as nearly 53,000 more users sought to leave California than move in during Q3, marking a 62% increase from 2019. New York experienced a similar trend, with almost 47,000 users wanting to exit. Meanwhile, Florida attracted a net inflow of nearly 22,000 users, nearly double that of 2019. This shift could influence political demographics, as wealthy New Yorkers move to Florida, potentially increasing Republican registrations there. The ongoing pandemic heightens this trend as remote workers seek affordable living environments.

Positive

• California migration outflows increased by 62% compared to Q3 2019, indicating a growing trend.
• Florida recorded a net inflow of nearly 22,000 users, the highest since tracking began, suggesting robust demand for housing.

Negative

• New York saw a significant outflow of almost 47,000 users, indicating potential economic instability.
• The shift in population demographics could lead to political changes in destination states, raising concerns about long-term impacts.

SEATTLE, Oct. 28, 2020 /PRNewswire/ -- (NASDAQ: RDFN) — California and New York had the biggest upticks in people looking to move out of state since last year, followed by Massachusetts, Washington, D.C., and Illinois, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage.

Nearly 53,000 more Redfin.com users looked to move out of California than into it in the third quarter, a 62% increase since the third quarter of 2019 and the highest rate since Redfin started tracking migration in the beginning of 2017. In New York, almost 47,000 more Redfin.com users looked to leave the state than move in during the third quarter, roughly 35% more than the 35,000 home searchers looking to leave during the same time period last year.

"New York's loss is Florida's gain," said Redfin economist Taylor Marr. "When the pandemic hit the U.S. in March, remote workers started leaving New York City and its ultra-expensive housing in search of wide-open spaces, sunshine and affordable homes—all of which you can find in Florida, with the bonus of no state income tax. The trend has only intensified as the pandemic continues and people feel more certain of their remote work and school plans."

Nearly 22,000 more Redfin.com users looked to move into Florida than out in the third quarter, almost twice as many entrants as the third quarter of 2019 and the highest net inflow for the state since Redfin started tracking migration. Movement into Florida has accelerated since the beginning of the year.

Florida, Texas, Tennessee, North Carolina and Nevada saw the biggest increases in people looking to move in—minus people looking to move away—since last year.

The uptick in people leaving California and New York could impact the political makeup of their destination states. For instance, wealthy retirees moving from New York to Florida may be contributing to an increase in registered Republicans in the Sunshine State, and remote workers leaving California could be a factor in the uptick in registered Democrats in Arizona.

To read the full report, including charts and methodology, please visit:
https://www.redfin.com/news/migration-trends-pandemic-new-york-california.

About Redfin
Redfin (www.redfin.com) is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country's #1 real estate brokerage search site, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in the United States and Canada. Since our launch in 2006, we have saved our customers over $800 million and we've helped them buy or sell more than 235,000 homes worth more than $115 billion.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

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SOURCE Redfin

FAQ

What are the migration trends reported by Redfin for Q3 2020?

Redfin reported that California had 53,000 more users looking to move out than into the state, while New York had an outflow of 47,000 users. Florida had a net inflow of 22,000 users.

How has the COVID-19 pandemic affected migration in the U.S. according to Redfin?

The pandemic has intensified trends of remote workers leaving expensive housing markets like New York and California for more affordable states such as Florida.

What implications do these migration trends have for Florida and New York?

Wealthy individuals moving from New York to Florida may shift political demographics, potentially increasing Republican registrations in Florida.

What percentage increase in California migration was noted since 2019?

The migration out of California increased by 62% compared to Q3 2019.

Is Redfin tracking migration trends since when?

Redfin has been tracking migration trends since the beginning of 2017.