The rising cost of living in some Sun Belt states that have been magnets for domestic migration in recent years may be weakening their appeal for residents of other states.
According to PWC and the Urban Land Institute's latest report on emerging trends in real estate in 2025, the shift may be caused by "the declining cost-of-living advantage – especially in housing affordability" that Sun Belt metros once enjoyed.
"Cities like Orlando, Tampa, Austin and Phoenix, which previously saw strong inflows, are now experiencing only moderate in-migration… Some key Florida markets, including Orlando, Tampa and Southwest Florida are seeing outright population losses."
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