Nearly 25% of potential homebuyers nationwide are looking to move to an entirely different metro area than they’re in now, ditching pricey areas for more affordable markets, according to data issued by Redfin.
What happened: With mortgage rates at 20-year highs, coupled with elevated home prices, would-be buyers are swapping cities to help lower living costs, the study says.
Also read: Any Sign Of Relief In The Housing Markets? No, It Is Still Bad
The following ten cities had the biggest net inflow of property searches on Redfin's website out of the 100 metro regions studied during the third quarter. The difference between the number of persons wishing to relocate into a metro area and the number of people looking to leave is known as the net inflow.
10. Portland, Maine: 3,300
9. Dallas, Texas: 4,100
8. North Port-Sarasota, Florida: 5,200
7. Cape Coral, Florida: 5,200
6. Phoenix, Arizona: 5,200
5. Tampa, Florida: 6,700
4. San Diego, Califonia: 6,800
3. Las Vegas, Nevada: 7,000
2. Miami, Florida: 8,000
1. Sacramento, California: 8,700
Why it matters: Warmer destinations dominate the rankings — particularly Florida, which has a low tax burden with no state income tax.
As an aside, if you’re an investor looking to get a slice of the $15 billion rental property market, check out how you can invest as little as $100 in rental properties and be paid out on a quarterly basis.
So what cities are people leaving?
According to Redin’s search data, the highest number of searches for properties in the above cities are from people in urban areas that have a relatively high cost of living, like New York City, Chicago and Los Angeles.
To read about the latest developments in the industry, check out Benzinga's real estate home page.
See more from Benzinga
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
