Skip to main content

Report: Pricey Coastal Markets Losing Their Appeal

Phil Hall
Sep 12, 2018
Residents in high-tax coastal market spent much of the second quarter looking for homes in major metro areas where the cost of living is more affordable, according to the latest Migration Report issued by Redfin

Residents in high-tax coastal market spent much of the second quarter looking for homes in major metro areas where the cost of living is more affordable, according to the latest Migration Report issued by Redfin.
 
In an analysis of more than one million Redfin users searching for home in 80 metro areas between April and June, Redfin determined that 24 percent of home searchers looked to relocate to another metro area in the second quarter, compared to 21 percent during the same period last year. Among the markets recording the greatest percentage of net outflow were New York (36 percent (looking for homes in another metro), the San Francisco Bay Area (22 percent) and Los Angeles (16 percent). The places attracting the most people were mostly warm-to-hot weather metros where housing was relatively affordable and tax burdens were low, most notably Phoenix, Las Vegas and Miami.
 
"With home prices reaching new heights in many metro areas, it's no surprise people are continuing to move away from expensive metros in search of homeownership," said Taylor Marr, Redfin Senior Economist. "Last year's tax reform poured fuel on the fire. By capping mortgage interest and state and local tax deductions, there is an even greater incentive for homebuyers to consider moving to a lower-tax state."
Residents in high-tax coastal market spent much of the second quarter looking for homes in major metro areas where the cost of living is more affordable, according to the latest Migration Report issued by Redfin

 
Published
Sep 12, 2018
FormFree Enters Deal To Offer Products to Lenders One Members

Mortgage Cooperative Hopes Automated Borrower Verification Tools Will Enhance Customer Experience

Industry News
Aug 03, 2021
AHP Servicing Names Charles Halko Jr. CFO

Brings 30-Years Of Experience to Chicago-Based Servicer

Industry News
Aug 03, 2021
Ready Capital Announces Deal To Acquire Red Stone

Real Estate Finance Company Expands In Multi-Family Affordable Housing Sector

Industry News
Aug 03, 2021
Anchor Loans Hires Andrew Jewett As SVP, Enterprise Sales

Formerly lead lending at Sundae Inc.

Industry News
Aug 02, 2021
Pretium Adds 3 Execs With Residential Credit Expertise

New Hires Will Serve As Managing Directors

Industry News
Aug 02, 2021
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021