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City residents looking to move out in record numbers: survey

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In a brutal real estate market, cheaper places have greener grass.

Rising mortgage rates and soaring home prices are making U.S. homebuyers seriously consider moving to other metropolitan areas in an unprecedented fashion.

a new report According to brokerage firm Redfin, 33.7% of users nationwide were considering moving from one city center to another last month. This compares to his 32.6% of users in Q2 and about 26% of pre-pandemic users.

In addition to the economic incentives to trade city size for more affordable housing prices, remote work and the ability for many Americans to work from almost anywhere.

“There are always more people moving to San Diego from the Bay Area and Los Angeles for a better work-life balance and beachside lifestyle, and that number has increased since remote work has become more common.” San Diego Redfin agent Jodie Lee said in a report. “This year, we’ve seen quite a few remote his workers move in from places like Seattle and North Carolina because they like the sunny weather and outdoor activities in the area.”

Redfin found Miami to be the number one urban area currently considered a more attractive option than metropolitan residents. Especially New Yorkers. Next up are Sacramento, San Diego, Tampa, Las Vegas, and he’s sixth in Phoenix.

The influx of high-income newcomers is often bad news for current locals, experts told brokers.
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For the current residents of these cities, being in the top 10 is a dubious honor and a warning. In another study, Redfin found that the influx of high-income people into the area often makes it difficult for locals to buy property.

“Remote work is a huge economic boon for well-paid white-collar workers. And you can build more houses for money and save some money for rainy days. in the reportreleased this month.

“It could have the opposite effect on locals in these destinations, especially renters, who are on the sidelines watching house prices skyrocket while their incomes have barely changed,” said Bokari. Added.

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