25% of U.S. Homebuyers Want To Move — This State Is the Top Destination
Rising housing costs due to inflation and high interest rates have been the new normal, pushing Americans to look for cheaper places to live. And now, a new Redfin survey found that 24% of homebuyers looked to move to a different metro area in the three months ending in October — a figure up from 18% in 2019.
This is not surprising as shelter prices increased 6.9% over the year ending October 2022 — accounting for 40% of the total increase in prices for all items outside of food and energy (and more than half of the monthly all items increase), according to the most recent Consumer Price Index (CPI) data.
In turn, the Redfin survey found that Sun Belt cities were the most attractive, and one area was particularly appealing: coastal Florida, despite the recent historic and devastating Hurricane Ian.
Out of the top 10 cities showing the most inflows (the number of home searchers looking to move into a metro area, minus the number of searchers looking to leave, according to Redfin), half of them are in the Sunshine State.
The top 10 cities that Americans want to move to are:
- Sacramento, California.
- Las Vegas, Nevada.
- Miami, Florida.
- San Diego, California.
- Tampa, Florida.
- Phoenix, Arizona.
- Cape Coral, Florida.
- North Port-Sarasota, Florida.
- Dallas, Texas.
- Orlando, Florida.
The Redfin survey also found that homebuyers are mostly leaving large cities (such as San Francisco, Los Angeles, New York, Washington, D.C. and Boston.
For example, Sacramento, where homes cost less than half of what they do in the Bay Area, is the most common destination for people who leave San Francisco, per Redfin data.
And in terms of Sun Belt cities, a typical home in Las Vegas cost $410,000 in October — or half the price of a typical home in Los Angeles, the most common origin for people moving to Las Vegas, according to the survey.
The top 10 cities with the largest outflows include:
- San Francisco, California.
- Los Angeles, California.
- New York City, New York.
- Washington, D.C.
- Boston, Massachusetts.
- Chicago, Illinois.
- Detroit, Illinois.
- Denver, Colorado.
- Seattle, Washington.
- Philadelphia, Pennsylvania.
More From GOBankingRates
- Experts: Here's How Much You Should Have in Your Checking Account
- Explore GOBankingRates' 2023 Banking Resource Center
- The 10 Best Credit Cards for 2023
- Here's How To Build a 6-Month Emergency Fund