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Homebuyer Migration Hits Record Amid Affordability Pressures

Jun 29, 2026
Homebuyer Migration Hits Record Amid Affordability Pressures
Managing Editor

Nearly one in five house hunters searched outside their home metro in the first quarter, with Florida and other Sun Belt markets drawing buyers seeking lower housing costs

A record share of U.S. homebuyers searched for homes outside their local metro area during the first quarter, highlighting how affordability pressures continue to reshape housing demand even as overall home sales remain sluggish.

According to a new report from Redfin, 19.1% of homebuyers looked to relocate to another metro during the first quarter of 2026, up slightly from 18.9% a year earlier and the highest share since the brokerage began tracking migration patterns in 2021.

For loan originators, the data points to continued purchase opportunities in fast-growing Sun Belt markets, where buyers are increasingly relocating in search of lower housing costs and better affordability.

Redfin said elevated home prices, mortgage rates, and broader inflation are motivating buyers to leave expensive markets for more affordable ones. Orlando, Fla., for example, ranked as the nation's top destination for relocating house hunters. The typical home there costs just over $400,000 — roughly half the price of a typical home in New York City, the largest source of buyers moving to Orlando.

The brokerage cautioned that while the share of relocating buyers reached a record high, the overall number of people moving is likely lower than during the pandemic housing boom because total homebuying activity remains subdued.

Florida Continues To Attract Buyers

Florida dominated Redfin's list of the nation's most popular relocation destinations.

Orlando led all U.S. metros in net inflow of home searches, followed by North Port, Miami and Cape Coral. Las Vegas ranked fifth, Tampa sixth and Phoenix seventh.

Redfin said Florida continues to attract retirees seeking warmer weather, while job growth has become an increasingly important draw. The state's Space Coast, home to operations from companies including SpaceX and Blue Origin, has attracted engineers and other technology workers relocating from higher-cost markets such as Seattle and California.

Buyers Continue Leaving High-Cost Metros

New York posted the nation's largest net outflow of prospective buyers during the first quarter, followed by Seattle, Los Angeles, San Jose, Washington, D.C., and Chicago.

Many of those buyers searched for homes in more affordable markets. House hunters leaving New York most commonly looked toward Miami, while Seattle residents favored Phoenix, and Los Angeles buyers increasingly searched in Las Vegas.

Migration out of many expensive metros has moderated from pandemic-era peaks. Redfin found New York's net outflow declined to roughly 28,000 prospective buyers during the first quarter from about 46,000 in 2022. San Jose's net outflow similarly fell to around 23,000 from roughly 74,000 four years earlier.

Pandemic Migration Continues To Normalize

The report also points to continued "boomerang migration," with some households leaving markets that experienced rapid growth during the pandemic.

Charlotte, N.C., posted a net outflow of roughly 1,700 prospective buyers during the first quarter after recording strong inflows several years ago. Austin, Texas, also shifted into negative territory after attracting thousands of new residents during the height of remote work.

Migration patterns remain an important indicator for LOs focused on purchase business. Borrowers relocating across metro and state lines often need local lending expertise, creating opportunities for LOs with strong referral networks, relocation partnerships, and multi-state licensing.

 

*This article was primarily written by a human author. AI tools were used in a limited capacity for research assistance or light editing.

About the author
Managing Editor
Czarinna Andres leads editorial coverage for NMP, focusing on the trends, policies, and business strategies shaping today’s mortgage and housing finance landscape. She brings a background in journalism and media, with experience…
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