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Homebuyers want to leave San Francisco, Los Angeles, New York

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From shore to shore, future homebuyers are looking for affordable prices — even if that means finding it away from their city.

A record number of potential U.S. homebuyers are seeking relocation, according to report Published last week by real estate agent Redfin. The report ranked the cities that Redfin users are most likely to leave. San Francisco, Los Angeles, and New York are at the top of the list.

“The cost of a typical San Francisco or San Jose home is now over $ 1.5 million,” Redfin’s Deputy Chief Economist Taylormer said in a report. “If you add a mortgage rate of 5% or more today, your monthly payments will be very high.”

Mr. Ma said the lack of affordability is a tougher sale for cities than ever due to the rise of remote work across the country. About 33% of Redfin users searched for a home in a new city in the second quarter of 2022. This is an increase from 26% in 2019 before the Covid-19 pandemic.

According to a Redfin report, the top seven cities that prospective homebuyers are leaving are:

  1. San Francisco
  2. Los Angeles
  3. New York
  4. Washington DC
  5. Seattle
  6. Boston
  7. Detroit

Denver, Chicago and Minneapolis finish the top 10 on the list. According to US Census data, Minneapolis is the only city on the list with a population of less than 650,000.

To edit that list, Redfin analyzed searches across more than 100 metropolitan areas from about 2 million users. We have compiled indicators such as “net inflow” and “net outflow”. This shows the number of people who want to enter a particular city and the number of people who want to leave that city.

According to the report, the cities with the highest net outflows are the ones people want to leave the most. Correspondingly, these cities with the highest net inflows may see homeowner inflows in the coming months.

  1. Miami
  2. Tampa, Florida
  3. Phoenix
  4. Sacramento, California
  5. Las Vegas
  6. Cape Coral, Florida
  7. San Diego
  8. North Port, Florida
  9. San Antonio
  10. Dallas

Florida, California, and Texas each have multiple cities on their list. Perhaps it indicates that Americans are anxious for warm weather, especially in midsummer. Florida is a particularly popular destination, occupying four of the top ten slots.

Many people aren’t going to buy a home and are searching for sites like Redfin. According to the company, the analysis excluded such searches. Marr said Redfin’s data are usually in line with the US census migration pattern and show normal accuracy.

“We believe our data are a powerful key indicator of actual move decisions,” he said.

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