Miami and Tampa Bay in the top 10 metro areas where inflation rose the fastest according to Consumer Price Index (CPI) from the most recent Bureau of Labor Statistics report.
Many people moved to the Sunshine State during the pandemic seeking better weather, a tax haven, and more space. More high earners moved to Florida than to any other U.S. state during the pandemic, almost four times as the many who moved to Texas, the second-most popular destination.
In fact, half of the top 10 are Sunbelt states—largely where people with the means to do so decamped during lockdown, many of whom made the move permanent. But as more and more remote workers swarmed into these regions, the cost of living—which originally lured them in—crept up. It only makes sense that inflation is rising fastest in the cities where demand is hottest.
Miami-Ft. Lauderdale-West Palm Beach, Fl.: 9.9%
Tampa-St. Petersburg-Clearwater, Fl.: 9.6%
Dallas-Ft. Worth-Arlington, Tx.: 8.4%
Riverside-San Bernardino-Ontario, Ca.: 7.5%
Seattle-Tacoma-Bellevue, Wa.: 8.4%
Phoenix-Mesa-Scottsdale, Az.: 9.5%
Boston-Cambridge-Newton, Ma.: 7%
Denver-Aurora-Lakewood, Co.: 6.9%
Atlanta-Sandy Springs-Roswell, Ga.: 8.1%
New York-Newark-Jersey City, NY-NJ: 6.3%
Source: Fortune.com
Mortgage Rates Continue to Decrease
As inflation continues to moderate, mortgage rates declined again this week. Rates are at their lowest level since September of last year, boosting both homebuyer demand and homebuilder sentiment. Declining rates are providing a much-needed boost to the housing market, but the supply of homes remains a persistent concern.
