A record-high number of homeowners — over 25% — want to move to another metro area. And according to Redfin, Phoenix is the city they most want to relocate to.

Phoenix is currently the most sought-after destination in the country for people looking to move to another area of the country, the report finds, followed by Las Vegas and several Florida cities. Cheaper home prices have made these metros more attainable than cities on the East or West Coast: for example, the typical Phoenix home sells for $450,000 while the typical Seattle home costs nearly $800,000.

Despite the fact that migration into Phoenix has slowed this year amid ultra-high mortgage rates, the metro still garners more out-of-town relocators than any other city in the country. New inflow reached 6,600 new residents in May 2023, with most of these movers originating from Seattle.

“Climate risks haven’t yet stopped homebuyers from moving into areas that don’t have enough water, like Phoenix, and places that could eventually be underwater, like coastal Florida,” said Daryl Fairweather, chief economist at Redfin. “That’s because even though Sun Belt home prices soared during the pandemic, those metros remain a bargain for people relocating from expensive coastal cities.”

“Arizona’s recent limit on construction isn’t likely to deplete inventory enough — or push prices up enough — to change that calculus much in the short term,” Fairweather added.