Are you considering relocating to the eccentric city of Atlanta? Georgia’s capital is a hot migration destination for homebuyers! While Atlanta and other sunbelt cities, such as Phoenix and Tampa, are trending relocation spots, high inflation rates and the rise in new residents puts a diminishing effect on the financial benefits within the red-hot cities.
According to Redfin, some of the highest inflation rates in the U.S. can be found in sunbelt cities. In 2022, Phoenix ranked number one for the highest inflation rate of the metro areas with a 10.9% increase, year over year, in goods and services prices. With an inflation rate of 10.6%, Atlanta was a close second for the highest inflation rate and was named the 10th most popular migration destination.
Following the opposite trend, San Francisco and New York showcased the lowest inflation rates. With a 5.2% inflation rate, San Francisco held the lowest inflation rate in the country – roughly half of what was experienced in Phoenix and Atlanta. New York followed behind San Francisco with the second-lowest inflation rate at 5.4%.
A recent survey by Clever showed that 18% of people in the U.S. would favor living in the Atlanta area if money were no object. While Los Angeles snagged the number one spot on the list of “Dream Cities,” Atlanta follows closely behind taking the number two seat.
Unfortunately, Georgia did not make the list of 2023 top states that individuals are moving to. Here are the lists of the top three states people are moving to and from:
Top 3 States People Are Moving To:
- North Carolina
Top 3 States People Are Moving From:
- New York
At 24%, quality of life was the most important reason why Americans packed up their lives and migrated. However, individuals are also relocating for reasons such as lower cost of living, better school district, job relocations and major life changes.
With several individuals moving to America’s most popular relocating destinations, home prices are skyrocketing with a record share of homebuyers relocated in the first quarter of 2022. Rapidly rising home prices are one major contributor to the increase in inflation.
In 2022, Phoenix home prices increased 27% year over year and Atlanta home prices increased 22% year over year – compared with a 17% nationwide increase. Home price increases were comparatively smaller in places such as San Francisco and New York with an 11% increase year over year in San Francisco and an 8% increase year over year in New York.
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For more tips, community features and more, visit Atlanta’s favorite relocation guide at www.KNOWAtlanta.com.