People from all across the country are flocking to these cities to reduce their cost of living — and driving up prices in the process.
Inflation is running hot in virtually every corner of the country. But in America’s top housing markets for migrants, consumer prices are soaring at an even faster rate.
Atlanta had the highest inflation rate in the country, according to Redfin’s analysis, with consumer prices rising nearly 9% over the past year. Phoenix was next with an 8.4% inflation rate, followed by Tampa, Fla., at 8%. Generally speaking those more expensive cities have seen far lower rates of inflation. Consumer prices have only risen 4% over the past year in San Francisco, for instance. New York and Los Angeles have also experienced a far smaller uptick in consumer prices than the national average.
— Redfin deputy chief economist Taylor Marr Some local residents in the destination cities also luck out. In particular, homeowners in those cities stand to benefit from rising home equity — Phoenix has seen the fastest rate of home-price growth in the country for some time now — and business owners can reap the rewards in terms of growing profits.
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