Home News San Francisco, LA top list of cities homebuyers want to leave: report

San Francisco, LA top list of cities homebuyers want to leave: report

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What homebuyers want Move from two expensive California cities More than any other major metro in the US

A new report from Redfin found that buyers were leaving San Francisco and Los Angeles, with 24% and 20% of local users looking elsewhere, respectively.

“Homebuyers typically leave coastal workplaces where they are more expensive than elsewhere. This trend started before the pandemic and was fueled by remote work and rising housing costs. , head to a more affordable area: Sacramento, where less than half the cost of a home What they do in the Bay Area is the most common destination for people [leaving] San Francisco, for example,” the report said.

Calculations were determined by net runoff. This is a measurement that more Redfin users seemed to leave the area than they moved.

The report’s migration analysis is based on approximately 2 million Redfin users who viewed homes for sale online in 100 metropolitan areas between August and October, and the percentage of total home searchers who are immigrants. is calculated.

U.S. house prices fall for third month in a row in September

A view looking north along Avalon Boulevard in South Los Angeles on November 9, 2022. (Myung J. Chun / Los Angeles Times via Getty Images / Getty Images)

Next on the list were East Coast hubs, including New York City, the District of Columbia, and Boston.

San Francisco

The Transamerica Pyramid and Salesforce Tower in San Francisco at sunset on January 17, 2022. (Jane Tyska/Digital First Media/East Bay Times via Getty Images/Getty Images)

Sacramento, Las Vegas and Miami topped the report’s list of locations where Subway homebuyers using Redfin are looking to move.

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the user is especially wanting to move to Florida The Sunbelt, according to the report.

Miami

Aerial view of Miami, where many renters live in multifamily housing, on September 29, 2021. (Joe Raedle/Getty Images/Getty Images)

“The relatively affordable Sun Belt Metro is usually the most popular with moving homebuyers, mainly because it allows buyers to get more homes for less money. For example, in Las Vegas, the typical home price in October is $410,000, about half the price of a typical home in Los Angeles, and Angeles ($823,000) is the most common origin for people moving there. land,” says Redfin.

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Nearly a quarter of U.S. homebuyers reportedly appeared to have moved to another metropolitan area in the three months to October, up about 18% from pre-pandemic 2019. increase.

Many Home Buyers Want Affordability Mortgage rates and high house prices make the area even more expensive.

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