Austin, TX

Cities Where Rich Out-of-Towners Have Driven Up Home Prices

Daniella Cressman

Disclaimer: This information is accurate and true to the best of my knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.

You might be considering a move. If that's the case, you'll want to keep in mind that many cities across the U.S. are much more expensive than they used to be.

"Hot spots like Boise, Idaho, and Austin, Texas, saw home prices soar thanks partly to the influx of remote workers with high salaries, a new analysis from real estate brokerage Redfin finds. Between 2019 and 2021, the median homebuyer income in Boise rose 24% (to $98,000), while home prices spiked 53%. At the same time, the median homebuyer income in Austin rose 19% (to $137,000), and the median home price rose 48%." —Sarah Hansen

Here are the ten cities where this has happened, along with the increase in median home prices during the time wealthy home buyers moved to each one:

  • Boise, Idaho: 53%
  • Austin, Texas: 48%
  • Cape Coral, Florida: 48%
  • North Port, Florida: 47%
  • West Palm Beach, Florida: 33%
  • Miami, Florida: 38%
  • Phoenix, Arizona: 48%
  • Stockton, California: 34%
  • Tacoma, Washington: 39%
  • Salt Lake City, Utah: 41%

There's no need to hate on wealthy out-of-towners—they're just trying to save a buck like the rest of us!—but this is important information to have, especially if you want to relocate to another area of the country: these places could still be well worth the move, but you'll want to budget for the extra expense!

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Canadian-American author writing about local politics, personal finance, & dining in Albuquerque.

Albuquerque, NM

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