America’s missing migration story: Serhant details where wealth goes beyond

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.’”

THE U.S. CITIES WHERE HOME PRICES ARE FALLING THE FASTEST

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.

Ryan Serhant speaks to Fox News Digital on Friday, Sept. 4, 2026 at the brokerage’s SoHo office in New York City. (Nikolas Lanum/Fox News Digital)

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.…