Prospective homebuyers from coast to coast are looking for affordability even if they have to leave their city to find it.
According to a report published last week, a record number of potential US home buyers are looking to relocate.
According to the report, the average home in San Francisco and San Jose is more than 1.5 million dollars. You have a high monthly payment if you add in the current mortgage rates.
With the rise of remote work across large swaths of the country, a lack of affordability is a harder sell for cities. The number of people searching for homes in new cities has gone up since the Covid-19 outbreak.
The top seven cities prospective buyers are looking to leave are listed.
The list has Denver, Chicago and Minneapolis in it. Minneapolis is the only city with less than 650,000 people that is on the list.
More than 100 metro areas were analyzed to make the list. Net outflow and net inflow are metrics that show the number of people who want to leave a city and the number of people who want to stay.
The cities with the most net outflow are those that people want to leave. The cities with the most net inflow may see an influx of homeowners.
Florida, California and Texas each have at least one city on that list. Four of the top 10 spots are occupied by Florida.
There are lots of people who don't intend to buy a house. The company's analysis did not include such searches. The usual accuracy of Redfin's data is shown by its alignment with the U.S. Census.
He believes that the data is a strong indicator of actual moving decisions.
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The amount of money it takes to be financially comfortable in 12 major U.S. cities is shown here.
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