Southern Housing Markets Boom as Remote Work and Affordability Draw In-Migration
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Home prices have surged nearly 50% nationally since the pandemic began, but Southern metros like Miami, Tampa, and Charlotte have seen even larger gains of 60-70%.
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Economist Thomas Ryan predicts Southern markets will continue to outperform in home price growth due to strong job growth and economic in-migration.
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Remote work is allowing more people to move to cheaper Southern cities from expensive coastal cities like San Francisco and Los Angeles.
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Mortgage payments on average-priced homes in the South are more affordable compared to incomes than in other parts of the country.
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More homebuilding in Southern metros will eventually boost supply, but demand is expected to remain strong enough to push prices up over the next few years.