National coverage of American migration routinely focuses on political rhetoric and people fleeing to states like Florida and Texas, but it may be overlooking the core economic realities dictating where families and capital actually settle.
In an interview with Fox News Digital, SERHANT. founder and CEO Ryan Serhant argued that the missing piece of the migration story boils down to how state policies impact homebuyers' wallets and quality of life. Rather than a total collapse of major metros, Serhant said, capital is stretching into secondary markets where better job growth, lower tax burdens and strong infrastructure offer a better return on investment.
"I think it's a bit overblown that wealth is migrating out of major American cities. I think that people aren't necessarily moving as much as they are multiplying," Serhant told Fox News Digital. "We now have more clients that have multiple homes than at any other point in my career. And they all want ease of access to great cities without necessarily maybe paying to be in the center."
"If you look at the American housing market just through the news media, you would think that the American city is over, the metropolis is dead, and people are scattering. And what you actually see is wealth multiplying to the benefit of both the individuals and the real estate assets. And stretching. Markets have actually just become bigger," he continued. "People are multiplying their assets, and they want to be where they want to be, and are willing to stretch the boundary. It's not so much, ‘people escaping.’"
Serhant recently expanded his brokerage into Texas and Colorado, after the firm's Texas launch marked its expansion into its 17th state. Outside his New York City home base, SERHANT. also has a presence in major luxury enclaves in South Florida, such as Palm Beach and Miami, where luxury prices have climbed sharply, while the brokerage also operates in Delray Beach, Boca Raton and Fort Lauderdale.
At the same time, Serhant pointed to regional migration patterns showing growth in inland hubs, including Huntsville, Alabama.
According to U.S. Census estimates, Texas and Florida were the nation's top two states for numeric population growth from 2024 to 2025, while a number of secondary markets have also posted strong gains. The Charlotte-Concord-Gastonia metro area ranked fifth nationally for numeric population growth from 2024 to 2025, while the city of Huntsville, Alabama, has grown 8.7% since 2020.
"I think New York did lose about 12,000 residents last year. And I think that that isn't a crisis, but I think it's definitely a warning sign," Serhant said. "And I also think people would be surprised to know that Florida… I think actually is the No. 8 state in terms of domestic net migration last year, bumped out by Alabama."
"You want to know a market I think people will be talking about in five years? I think it's Huntsville, Alabama. I think Huntsville, Alabama, and I think Central Ohio and Charlotte, North Carolina, are three markets that investors are paying a lot of attention to right now that more people should be talking about," he added.
AWS has committed an additional $10 billion toward data center infrastructure in Ohio, bringing its planned data center investment in the state to more than $23 billion by 2030. Meanwhile, Intel broke ground on its more than $28 billion semiconductor campus in New Albany, Ohio, representing the single largest private-sector investment in state history. Intel has since slowed construction, with the first factory currently expected to begin operations between 2030 and 2031.
"You go to Ohio and you look around, and there are more very expensive cars than you'll see in South Beach. But no one talks about it… Again, it's not the fall of the American city, it's the stretch of what it means to be a great American dream city, and there's not going to be less of them, there's just going to be more."
High-earning households are treating residential real estate selection similarly to portfolio management, according to Serhant. He said some buyers are acquiring multiple homes to secure geographic flexibility, capture regional tax benefits and maintain access to major economic centers without shouldering full-time downtown living costs.
"Why own one stock if you can own an ETF? Why own one home if you could own a couple? There's only so many of them. And they're not making any more land as far as I know," he said.
"Taxes get headlines. New governance policies get headlines, and it's easy to sell against fear. I mean, to be honest, our markets south of New York have benefited greatly from the COVID policies that [Gov. Andrew] Cuomo instilled across New York State and the policies that [Mayor Zohran] Mamdani is now putting into place in New York City. I don't necessarily think they're to the detriment of New York long-term. I think New York is irreplaceable, but it's not necessarily invincible," Serhant expanded.
"And so, just like companies do, if you have restrictions on employees [in] one company, really smart people at that company might say, ‘You know what? Maybe I'll look for other jobs. Where can I have the greatest career?’ And they look at other companies. Those companies are states. American citizens are employees at the end of the day… What you should be thinking about is, how do I create the greatest business for people to come and work? Instead of — how do I take from everyone who's here to maybe the betterment of the current market environment?" he posited.
"And I think New York, I think Seattle, I think a lot of parts of California are taking a short-term view on state growth. And I think it's frustrating."
He also argued that municipal leaders focused on election-cycle politics rather than long-term growth plans risk pushing away the next generation of business creators.
"I just think about the future far more than I think current politicians who are very, very focused on the next election do," the CEO said. "And I think if you create an environment that provides less jobs, less education, and worse security and safety for tomorrow's great entrepreneur or intrapreneur or worker or creative or artist? That person's not moving, their parents move. Again, to the betterment of Ohio, Alabama and North Carolina."
Serhant argued that in today's hyper-connected economy, capital can move rapidly and high earners have greater geographic flexibility, making local friction and unfavorable fiscal policy potential threats to a state's economic competitiveness.
"You buy based on the street corner... Investors and people who have the ability to move are now thinking about stretched markets. They don't necessarily need to come to your city for a job. They don't necessarily need to go to that state for grade schooling," Serhant explained. "The economy is global and it moves in milliseconds. And the minute you start to think that it's still 1997 is the minute the history books on the fall of what, I think, is the great American dream start to be written."
For states like Ohio, Alabama and North Carolina, winning over capital isn't just about lowering taxes but also about striking a balance between financial incentives and overall community appeal, Serhant said.
"I think Alabama, Ohio, and North Carolina understand that people move with their wallet, yes, so how do we keep quality of housing and affordability front of mind, but also with their heart?" Serhant said. "What do you do on the nights and on the weekends? How easy is it to get here and have our family come and stay? And then they think about public infrastructure, they think about education, and they think about security."
Looking ahead, Serhant said he believes the center of gravity in American real estate will continue shifting inland toward states he views as business-friendly, with abundant land and infrastructure capacity.
"It's New York or nowhere as the epicenter, in part because our business is so global… But if I had to throw a dart on where I think the epicenter of the country might be eventually, I might think about coastal erosion and I might go dead center. And I think there's a lot of opportunity in Ohio. Maybe we should open SERHANT. in Ohio? I'm talking myself into it right now."
