This Way for Affordable Homes

By: Anneken Tappe · November 14, 2023 · Reading Time: 2 minutes

Follow the Money

The hunt for a more affordable lifestyle is sending many to the American Southwest.

Last year, cities like Phoenix, Las Vegas, and San Antonio were the among the most popular relocation destinations for middle-class Americans, meaning those making between $45,000 and $145,000 per year, according to H&R Block’s (HRB) Outlook on American Life 2023 .

Flexibility Pays Off

Following the pandemic-era rise of remote work, many Americans, once tethered to expensive housing markets by their careers, have taken advantage of the flexibility to work from anywhere. They packed up from larger, colder cities, for the less busy, and warmer Southwest.

These were the top five most popular relocation destinations for middle-class Americans in 2022:

1.    Phoenix, Arizona

2.    Las Vegas, Nevada

3.    San Antonio, Texas

4.    Tampa, Florida

5.    Houston, Texas

Tax advantages are among the key factors for people picking their new home bases.

House Hunting

Even though many cities in the Southwest also boast lower median home prices compared with coastal metropolitan areas, change is in the air. As certain destinations become more popular, home prices inevitably rise.

Read more about the 10 most affordable markets to buy a home.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

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