According to a new report from real estate brokerage firm Redfin, a record number of Americans want to leave their current city and move to a new one.
From coast to coast, prospective homebuyers are on the hunt for affordability — even if it means leaving their city to find it.published last week by real estate brokerage firm Redfin. The report ranked the cities Redfin users appeared most likely to try to leave — San Francisco, Los Angeles and New York topped the list.
"The typical home in San Francisco or San Jose now costs more than $1.5 million," Taylor Marr, Redfin's deputy chief economist, said in the report."Add in today's 5%-plus mortgage rates and you have a sky-high monthly payment." Marr noted that a lack of affordability is a tougher sell for cities than ever before, with the rise of remote work across large swaths of the country.
Roughly 33% of Redfin users searched for homes in new cities in the second quarter of 2022, up from 26% in 2019 before the Covid-19 pandemic hit.
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