The real estate brokerage Redfin released a report that shows the 10 cities Americans are most desperate to leave.
If you were wondering, these cities are all Democratic cities.
San Francisco, Los Angeles and New York are the leaders for the most outbound migration.
The rest of the top 10 includes Washington, Seattle, Boston, Detroit, Denver, Chicago and Minneapolis.
Redfin analysis of top 10 cities residents are trying to leave: SF, LA, NY, DC, Seattle, Boston, Detroit, Denver, Chicago, Minneapolis.
Hmmm...is there anything they all have in common?
— Dan Proft (@DanProft) July 26, 2022
“The typical home in San Francisco or San Jose now costs more than $1.5 million. Add in today’s 5%-plus mortgage rates and you have a sky-high monthly payment,” said Redfin Deputy Chief Economist Taylor Marr. “Those factors, along with more companies giving employees the permanent flexibility to work remotely, are driving a larger portion of buyers to consider homes in other parts of the country. Someone who would have to stretch beyond their budget in Los Angeles may be able to comfortably afford a home in Phoenix or San Antonio.”
To look at the other side of the coin, the cities where Americans were most likely to buy a home is more bipartisan.
Redfin's List of Top 10 Popular Migration Destinations in 2022:
1. Miami, FL
2. Tampa, FL
3. Phoenix, AZ
4. Sacramento, CA
5. Las Vegas, NV
6. Cape Coral, FL
7. San Diego, CA
8. North Port, FL
9. San Antonio, TX
10. Dallas, TX https://t.co/KYrdOW7AUR
— Relentlessly Hasan (@RelentlessYapp) July 19, 2022
“Tampa is still attracting a lot of out-of-state homebuyers, coming from places like New York, who can get more for their money in Florida,” said Eric Auciello, a Redfin manager in Tampa. “The spike in mortgage rates has priced some buyers out of the market, but it has also helped ease competition and curb bidding wars between locals and out of towners. A lot of buyers who kept getting outbid at the peak of the market are now getting their offers accepted, and in some cases they’re even able to use FHA loans, make smaller down payments and keep the appraisal contingency.”
The report by Redfin also pointed to the housing market cooling off due to the country officially going into a recession.
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