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Homebuyers Are Relocating To More Affordable Areas

Doug Page
Apr 13, 2022
Redfin

32.3% of Redfin users looked to move to a less expensive metro area.

San Francisco, Los Angeles, and New York City and their metropolitan areas are the top places to leave, while Miami, Phoenix, and Tampa and their surroundings are the top destinations for Redfin users, the online real estate brokerage says today.

About one-third (32.3%) of Redfin users — an all-time high, the company said — looked to move away from their hometowns in the first quarter.

“Skyrocketing home prices and rising mortgage rates have made relocating to a more affordable area the only viable option for some prospective homebuyers,” Redfin said.

Miami remained the most popular destination during the first quarter, unchanged from the second half of 2021, Redfin said. New Yorkers are leaving the Big Apple and its environs for Miami and Tampa, it said.

“I’ve worked with many home sellers recently who are moving to a completely new area,” said Seattle Redfin agent Nicole McCormick. “A lot of them are remote workers, or are people who feel confident they’ll be able to get a new job, or they’re leaving for sunnier places where they can get more home for their money, like Phoenix or Sacramento.”

People selling their homes in San Francisco and Los Angeles were looking to move to Seattle and Phoenix.

San Francisco and its surroundings were the top places to leave, with most of those home sellers departing for Seattle, Redfin reported. Most of the people moving to Miami and Tampa came from New York City, Redfin said.

Phoenix was the top destination for home sellers from Los Angeles, Redfin said.

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