10 cities buyers are looking to move to due to high house prices
The few homebuyers who insist on looking for a home have opted for do it in alternative markets in surrounding metropolitan areas to the big cities where they can find slightly more affordable options.
There are two factors that are driving buyers to move to other metropolitan areas: high mortgage rates and high pricesaccording to a report by Redfin.
rates have reached record levels exceeding 7% just a few weeks ago, while average prices soared, although now they add up to weeks with a downward trend.
According to the Redfin study, at least 24.2% of home buyers in the country sought to move to a different metropolitan area than the one they had in mind initially to look for a house or apartment, during the third quarter of the year.
Redfin explained that this data is a record, since it means an increase of 23.3% compared to the second quarter measurement; but it is also 21.6% more compared to the same period in 2021 and 18% against the desire to move prior to the pandemic.
“With a recession looming and household expenses rising, many people cannot afford to buy a house in an expensive area or they want to save money in case of an emergency, which makes moving to a more affordable place an attractive option,” said Redfin's Head of Economic Research Chen Zhao.
However, the company specializing in real estate indicated that these desires to seek an option from El Alto could last a short time, since inflationary conditions family budgets are increasingly limited.
“Migration is likely to slow down in the coming months as a weakening labor market and job losses will push more people to stay or move with their familyalthough it is possible that some had to move to get new job opportunities,” Zhao added.
The company specialized in the real estate sector in the United States indicated that the favorable conditions that persist in the national labor market, allow many buyers to choose to move to other cities away from the centers where they have their jobs.
10 cities buyers are looking to move to
10. From Boston, Massachusetts to Portland, Oregon
9. From Los Angeles, California to Dallas, Texas
8. From New York, New York to North Port-Sarasota, Florida
7. From Chicago, Illinois to Cape Coral, Florida
6. From Los Angeles, California, to Phoenix, Arizona
5. From New York, New York, to Tampa, Florida
4. From Los Angeles, California, to San Diego, California
3. From Los Angeles, California, to Las Vegas, Nevada
2. From New York, New York, to Miami, Florida
1. From San Francisco, California, to Sacramento, California
In some cases, such as Sacramento, although their home prices are still above the national average, with an average of $560,000 dollars; are nearby move-in options for buyers in the San Francisco area, where the average price is $1.5 million dollarsaccording to Redfin.
“It makes even more sense to move to a more affordable region now than it did when mortgage rates were low, as lower priced homes offset some of the expense of high rates and accrue less interest”, assured Samantha Rahman, local agent for Redfin.
According to the analysis, buyers are looking in greater numbers to leave cities like San Francisco, New York, Los Angeles, Washington DC and Boston.
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