Business 5 min read By Alice Ashford
US property buyers shift to Ohio, Alabama and the Carolinas as wealth diversifies
Ryan Serhant says high-net-worth buyers are adding second homes in Huntsville, Central Ohio and Charlotte, while affordability draws a broader wave of movers to the Midwest and South.
Wealthy American homebuyers are spreading their money across more of the country rather than abandoning cities altogether, according to the chief executive of a major New York real estate brokerage. Ryan Serhant, who runs the firm bearing his name and appears in the television series «Owning Manhattan», said high-net-worth clients are still buying in traditional luxury strongholds but are increasingly adding properties in less expected markets.
He named Huntsville in Alabama, Central Ohio and Charlotte in North Carolina as the three locations he expects to see the strongest net migration over the next few years. These are the markets «investors are paying a lot of attention to right now», he said, pointing to data centres as a driver of both wealth and employment in those areas.
Serhant rejected the idea that the American city is in terminal decline. «You would think that the American city is over, the metropolis is dead, and people are scattering», he said. «And what you actually see is wealth multiplying to the benefit of both the individuals and the real estate assets.» His argument is that the ultrawealthy are not choosing a single place to settle but are diversifying their property portfolios, stretching their wealth across multiple markets.
That pattern is not limited to the very rich. Affordability is pulling a much broader group of buyers towards the same kinds of markets, Serhant said, adding that «people move with their wallet». Buyers want easy access to major cities without necessarily paying to live in the centre, he argued.
Even irreplaceable cities are not immune to the pressure of cost. Serhant estimated that New York lost about 12,000 residents last year, which he described as «definitely a warning sign» rather than a crisis. He said a four-bedroom apartment near his SoHo office recently rented for $75,000 a month, which he cited as evidence that the city is «too expensive». New York has consistently ranked among the least affordable housing markets in the country.
Pushing wealthy residents out is not a solution either, he argued, because those buyers can simply purchase homes elsewhere, leaving the city worse off. He compared the dynamic to competition for workers: «If you have restrictions on employees on one company, really smart people at that company might say, ‘You know what? Maybe I’ll look for other jobs,’» he said. «Those companies are states. American citizens are employees.»
The shift towards affordability and steady employment is visible in the data. Homes in Ohio cost roughly 30 per cent less than those on the coasts, and Generation Z and millennial buyers accounted for nearly 30 per cent of all interstate movers, according to an analysis by StorageCafe. Danielle Andrews, a realtor with Realty One Group Next Generation, said the appeal is not only cheaper property but the ability to build wealth earlier without being weighed down by overheads.
Job opportunities have reinforced the trend. Intel is building two semiconductor factories outside Columbus in a project it has raised to $28 billion, the largest private investment in Ohio’s history. Amazon Web Services also plans to invest more than $23 billion in the state through 2030. Andrews said the cost of living in the Midwest, especially for essentials such as groceries, fuel and healthcare, is better aligned with local wages, allowing younger buyers to get ahead rather than merely get by. «The Midwest is no longer just affordable: It’s aspirational for a generation redefining success», she said.
Serhant’s assessment sits alongside evidence that billionaires continue to gravitate towards Florida, with 19 of the state’s 20 richest residents now living in Miami alone, as states including California and Washington consider new wealth taxes. His argument is that these destinations are not mutually exclusive. Rather than picking one winner, wealthy buyers are spreading their purchases across several markets, a pattern that benefits both the individuals and the assets they hold.
