Concerned residents of the nation’s major coastal cities continue to see the exits, according to a new study.
A record number of homebuyers are looking to move to new metro areas — led by New York, San Francisco and Los Angeles. Report from real estate site Redfin.
In the third quarter of this year, about 24% of homebuyers were looking for digs in various cities, an all-time high.
“With the purge looming and household costs high, many people can’t afford to buy a home in an expensive area and/or want to save money in case of an emergency, making relocation a more affordable option,” said Chen Zhao, Head of Economic Research at Redfin.
The study looked at how many users of the listing site are considering leaving a particular metro area rather than moving.
“More homebuyers tried to leave San Francisco, followed by Los Angeles, New York, Washington and Boston,” the report said.
27% of searchers have New York looked elsewhere for men, With Florida as their primary destination. At the top of the Empire State defectors’ wish list was Miami, followed by Tampa and Sarasota.
Miami was the top choice for New Yorkers looking for a home.
Los Angeles residents had Las Vegas and San Diego as their go-to destinations, with all San Franciscans favoring Sacramento.
But Zhao noted that rising interest rates and growing concerns about the state of the economy could hinder relocations in the near term.
“Migration is likely to slow in the coming months as a softening labor market and job losses encourage more people to stay at home or move with their families, although some may need to move for new job opportunities. Moreover, there are already many remote workers who want to move,” he said.
Los Angelenos had Las Vegas and San Diego preferred destinations, In the report, San Franciscans test their prospects in Sacramento.
The median home price in California’s capital city is $560,000, while properties in San Francisco remain at $1.5 million, Redfin noted.
Washington, D.C. residents searched for homes in Salisbury, Maryland more than any other city, while Chicago residents ranked Milwaukee as the top choice.
