Ryan Serhant, CEO of his namesake firm and Owning Manhattan star, said high-net-worth clients continue to buy in the historically wealthy and luxury-oriented cities—but they’re also seeking secondary homes in unexpected markets.

“You would think that the American city is over, the metropolis is dead, and people are scattering,” he told Fox Business in an interview published this week. “And what you actually see is wealth multiplying to the benefit of both the individuals and the real estate assets.”

He envisions the three localities with top net migration during the next few years will be Huntsville, Ala.; Central Ohio; and Charlotte. These are the markets “investors are paying a lot of attention to right now,” he said, adding they’re hot spots for data centers that drive wealth and jobs. “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.” 

That could appear contrary to Fortune‘s own reporting, which found billionaires have been flocking to Florida—19 of the state’s 20 richest now live in Miami alone—as states like California and Washington float new wealth taxes. But Serhant’s argument is that the ultrawealthy aren’t just picking one place and settling, but rather diversifying their real estate portfolios.

In other words, we’re seeing wealth be stretched, he said. Wealthy buyers continue to purchase multiple homes across the nation: “They all want ease of access to great cities without necessarily paying to be in the center,” he added.

But it’s not just the ultrawealthy diversifying. Affordability is pulling a much broader wave of buyers toward the same kinds of markets.

“People move with their wallet,” he added. 

A warning sign for places like New York

Serhant also noted that even irreplaceable cities aren’t completely untouchable. He estimated New York lost about 12,000 residents last year, which he called “definitely a warning sign,” although not quite a crisis. Even a one-of-a-kind city like New York can lose people if living there costs too much or taxes climb too high. 

New York is testing that limit. A four-bedroom apartment near his SoHo office recently rented for $75,000 a month, which he said proves the city is “too expensive.” New York has consistently been ranked as one of the least affordable markets in the country: It was among the six U.S. cities where even a 0% mortgage rate wouldn’t make buying a home affordable.

But pushing out wealthy residents isn’t the answer either, he argued. Those buyers can just go purchase a home somewhere else, he said, so the city loses either way. He likened it to how companies compete 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.”

Where the data agrees with Serhant

Homebuyers are increasingly prioritizing affordability and steady employment, and Ohio has emerged as a quiet winner in the housing market. Homes there run about 30% cheaper than those on the coasts, and Gen Z and millennials accounted for nearly 30% of all interstate movers, a StorageCafe analysis shows.

“For many, it’s not just about cheaper homes, but about being able to build wealth earlier without drowning in overhead,” Danielle Andrews, a realtor with Realty One Group Next Generation, previously told Fortune.

Meanwhile, there have been more job opportunities in markets like Ohio. Intel is building two chip factories outside Columbis in a project it raised to $28 billion, the largest private investment in Ohio history. Amazon Web Services also plans to invest more than $23 billion in the state through 2030.

“Importantly, the cost of living [in the Midwest], especially for essentials like groceries, gas, and health care, is better aligned with local wages, allowing Gen Z buyers to not just get by—but actually get ahead,” Andrews added. “The Midwest is no longer just affordable: It’s aspirational for a generation redefining success.”