Wealthy Americans in New York, California fled to ‘hidden gems’ like Salt Lake City, Phoenix amid COVID-19


Wealthy Americans who left cities like New York, San Francisco and Chicago during the pandemic have moved to new homes in cities like Salt Lake City, Phoenix and Dallas, a new report suggests.

Wealthy people have discovered new housing markets in the West and South during the coronavirus pandemic, more space, affordable taxes and loosening of COVID restrictions, according to a new report from real estate broker Coldwell Banker -19. the 132 page search The analysis used market data such as local home selling prices and the total number of homes sold to highlight new locations where luxury home buyers have established new roots.

More space, affordable taxes, and loosening of COVID-19 restrictions are just a few of the reasons wealthy people have discovered new housing markets like Phoenix during the pandemic. (iStock)

“Efforts to protect wealth have led people to cast wider nets in real estate, stocks, art, technology, games and other niches; many projects accelerated to move to places more tax-friendly, “the report notes, explaining: Also changed as the rich turn to” soft luxuries, “such as family, health, safety, security and space. ”

AMERICANS SEEING REAL ESTATE AS A “ HEALTHY INVESTMENT ”

Cities like Phoenix and Dallas have been noted as “secondary markets” where wealthy homebuyers relocate. Phoenix, in particular, has become a hub for Californians who fled the city in what is known as a “mass exodus,” notes Debbie Frazelle, real estate agent in Phoenix, of Coldwell Bank, in the report. , adding that people hailing from San Francisco, Seattle and Chicago have also been drawn to more affordable taxes.

And home sales in Dallas alone are up 62% in 2020 over 2019 data due to an increase in out-of-state buyers, according to Lori Arnold, real estate agent for Coldwell Banker at Dallas.

Additionally, luxury home buyers from states like New York and California have found Salt Lake City in Utah attractive, with many having relocated in part due to the presence of big tech companies like Adobe, Facebook and Microsoft there, according to Molly Jones, a real estate agency. agent of Coldwell Banker Salt Lake City.

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Indeed, many of those who left expensive cities in 2020 were “less concerned with status” and “sought out” hidden gems “where the dollar took them further and offered them good schools, access to open space. and a family-oriented lifestyle ”. This demographic tended to have a net worth of around $ 1 million to $ 5 million, according to the report.


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