Real Estate

How relocating Americans created new inflation hot spots

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Americans moved around a lot over the past two years, and those destinations also now happen to have the highest inflation rates in the U.S.

“We saw right away that inflation was highest in Phoenix and lowest in San Francisco,” Redfin deputy chief economist Taylor Marr told CNBC.

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 is one of the inflation hot spots that has seen an influx of new residents.

“Almost every component of the Phoenix CPI for whatever reason is up about 10%,” Lee McPheters,…



Source cnbc.com

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