In this paper we conduct an econometric analysis of migration at the level of Russian cities as a function of socio-economic indicators. We use panel data of migration rates of the towns in Central Russia and Siberia from 2004 to 2008. Our results suggest completely different models for these districts. The key factors which determine migration flows are labor market indicators. In contrast with Central Russia, where higher wages attract migrants, in Siberia there is an outflow of population from cities with higher wages.