×

Please verify

Watch LIVE

Inflation hits popular relocation areas more than San Francisco and NYC

News
Photo by DANIEL LEAL/AFP via Getty Images

With inflation at its highest in 40 years, Americans across the board are suffering financially. However, some people and places feel the impact of inflation more than others, Fox Business reported.

A new report published by the real estate brokerage Redfin indicates that places where people have been relocating have experienced higher rates of inflation than the rest of the country. Most notably, these places experience higher inflation when compared to cities like San Francisco and New York — cities from which people fled in droves over the past two years.

Atlanta, for instance, considered to be the 10th most popular relocation destination, saw an 8.9% increase in the cost of goods compared to the same time a year ago.

Phoenix, the second most popular place for relocation in the fourth quarter of the fiscal year, saw an 8.4% rise in the cost of goods.

Tampa, Florida, the fifth most popular relocation destination, saw the third highest rate of inflation with prices up 8% year to year.

Conversely, San Francisco — the city from which the most people have fled — had an inflation rate of 4%.

New York City, another city experiencing mass exodus, had an inflation rate of 4.6%.

Both San Francisco and New York had inflation rates considerably below the national average of 7%.

Economists claim that migration does, in fact, partially drive inflation.

Taylor Marr, Redfin’s deputy chief economist, said, “An influx of people moving to a popular, relatively affordable place like Atlanta increases demand for housing and transportation, pushing prices on those things and contributing to soaring price on everything else, from food to utility bills.”

It’s worth nothing that inflation tends to overwhelmingly impact the working and middle classes in America.

On this, the Wall Street Journal said, “The effects of inflation not only are greater, but disproportionately greater, for poorer people. Those with higher incomes often offset price increases with increased income. Furthermore, prices often increase more for basic needs than for luxury items, a phenomenon economists call ‘inflation inequality.’”

Both San Francisco and New York saw a considerable number of people flee because of the outrageously high costs of living in a major metropolitan city. Ironically, inflation continues to eat away at the wages and savings of the American people so drastically that it may have been more affordable for some of the people, who left major cities seeking better economic conditions, to stay in their city of origin.

Most recent
All Articles