Nearly 25% of potential home buyers nationwide are looking to move to an entirely different metro area than they are currently in, ditching expensive areas for more affordable markets, according to Data issued by Redfin.
What happened: With mortgage rates at their highest in 20 years, coupled with high home prices, potential buyers are changing cities to help lower the cost of living, the study found.
Read also : A sign of relief in housing markets? No, it’s still bad
The following ten cities recorded the largest net influx of real estate searches on Redfin’s website among the 100 metropolitan areas surveyed during the third quarter. The difference between the number of people wishing to settle in a metropolitan area and the number of people wishing to leave is called net inflow.
10. Portland, Maine: 3,300
9. Dallas, TX: 4,100
8. North Port-Sarasota, Florida: 5,200
7. Cape Coral, Florida: 5,200
6. Phoenix, Arizona: 5,200
5. Tampa, Florida: 6,700
4. San Diego, CA: 6,800
3. Las Vegas, NV: 7,000
2. Miami, Florida: 8,000
1. Sacramento, CA: 8,700
Why is this important: The hottest destinations dominate the ranking, especially Florida, which has a low tax burden with no state income tax.
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So which cities are people leaving?
According to research data from Redin, the highest number of searches for properties in the above cities come from people living in urban areas with relatively high costs of living, such as New York, Chicago and Los Angeles.
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