Ryan Serhant says the American city isn’t dying—wealth is ‘multiplying,’ and buyers are flocking to Ohio, Alabama, and the Carolinas

Ryan Serhant, CEO of his namesake firm and star of Owning Manhattan, asserts that the American city is far from dying, as high-net-worth individuals are purchasing secondary homes in unexpected markets. While Florida, California, and New York remain hotspots for wealth, Serhant highlights Huntsville, Ala.; Central Ohio; and Charlotte as the top net migration destinations over the next few years. These areas are attracting investors due to their attraction of data centers that generate wealth and jobs.

Serhant explains that the ultrawealthy are not settling for just one location, but rather diversifying their real estate portfolios, stretching their wealth across multiple cities. He notes that affluent buyers continue to purchase multiple homes across the nation, seeking areas with easy access to great cities without the high costs of central locations.

While some might argue that this trend contradicts Fortune's reporting on billionaires flocking to Florida, Serhant maintains that wealthy buyers are not just picking one place and staying put. Instead, they are seeking affordability and steady employment, which Ohio provides. Homes in Ohio cost about 30% less than those on the coasts, and Gen Z and millennials accounted for nearly 30% of all interstate movers, according to a StorageCafe analysis.

Additionally, Ohio is attracting significant job opportunities. Intel is building two chip factories outside Columbus, representing the largest private investment in Ohio history, while Amazon Web Services plans to invest over $23 billion in the state through 2030. This is aligning the cost of living in the Midwest with local wages, making it not only affordable but also aspirational for a generation redefining success.