The destinations sought by relocating Americans during the pandemic now have the nation’s highest inflation rates, according to CNBC.
What’s happening: “The relationship between migration and inflation has strengthened significantly as more people relocate from expensive coastal cities to more affordable metro areas, according to an analysis released by Redfin, the real estate broker.”
- Phoenix, Atlanta and Tampa are among the cities seeing high inflation and homebuying surges.
- The consumer price index increased 8.3% in April from a year ago.
An unfortunate irony: “People move to Atlanta because it’s more affordable,” Vivian Yue, economics professor at Emory University, told CNBC. “But now once people get here, [they say]: ‘Wow, this inflation is so high compared to where [we] moved from.’”