Restless residents of the country’s major coastal cities continue to look to the way out, according to a new study.
Record numbers of homebuyers want to move to new metropolitan areas, with New York, San Francisco and Los Angeles leading the way. Report from real estate site Redfin.
In the third quarter of this year, about 24% of home buyers searched for bargains in various cities.
“With a looming recession and soaring household costs, many people cannot afford a home in an expensive neighborhood or want to save money for an emergency. Relocating would be an attractive option,” Redfin said. Chen Zhao, chief economic researcher.
The study looked at how many listing site users appeared to be leaving rather than moving to a particular metropolitan area.
“More homebuyers are leaving San Francisco than any other metropolitan area, followed by Los Angeles, New York, Washington DC and Boston,” the report notes.
There are 27% of searchers from New York looked for a home elsewhere, Florida is the number one destination. Miami topped the wish list for aspiring Empire State defectors, followed by Tampa and Sarasota.
New York residents looking for a home made Miami their first choice.
Los Angeles residents made Las Vegas and San Diego their destinations, and San Francisco overall preferred Sacramento.
However, Zhao said soaring interest rates and heightened uncertainty over the economic climate could discourage transfers in the near future.
“Immigration is likely to slow in the coming months as a softening labor market and unemployment pushes more people to settle down or move in with their families, but new job opportunities are likely to push people to relocate because of new job opportunities. In addition, many remote workers who wanted to be transferred have already been transferred,” she said.
Los Angeles had Las Vegas and San Diego priority destinations, Meanwhile, San Francisco citizens are surveying their prospects in Sacramento, the report found.
Redfin noted that while the median home price in the California capital is $560,000, San Francisco real estate listings remain very high at $1.5 million.
Residents of Washington, D.C. sought homes in Salisbury, Maryland more than any other city, while residents of Chicago named Milwaukee as their top choice.