Posted on 08/13/2023 9:20:13 PM PDT by SeekAndFind
While less people are relocating than a year ago, those that are on the move are heading west — with Las Vegas topping the list of most popular homebuyer destinations, according to a new survey.
High mortgage rates have made buying a home increasingly expensive, contributing to a decrease in home sales. Zillow reports that individuals with mortgage rates over 5% are almost twice as likely to say they plan on selling their home in the next three years as those paying a rate below 5%. As of August 3, the average 30-year mortgage rate was 6.90%. That's up from 6.81% a week ago and 5.30% this time last year.
With mortgage rates high, it makes sense why there are fewer relocators than there were in 2022. Redfin.com found that the number of users moving to a different metro area is down 7.5% year-over-year, a record decline.
So, when homeowners decide to relocate, which cities are they moving to? The most popular destination for relocating homebuyers, according to Redfin.com, is a city that’s never been on the top of their list until now — Las Vegas. Mainly, it comes down to affordability. 9 out of the 10 most popular relocation destinations have lower median sale prices than the most common origins of buyers, according to Redfin.
Here’s the full top ten list of metro areas homeowners are moving into, by net inflow. Six of the cities are in the southwest. Four of these cities are located in Florida, despite the state's high insurance costs and risk of natural disasters.
What cities are most people moving from? For homeowners relocating to Las Vegas, the three most common origins are Los Angeles, San Francisco and Seattle. All these metro areas have significantly higher median home prices than Las Vegas. For June 2023, the study found the median sale price of a home in Las Vegas to be $412,000, less than half the price of a home in Los Angeles. Here are the median sale prices for the 3 most common origins of people moving to Las Vegas.
Los Angeles, CA: $975,000
San Francisco, CA: $1,405,500
Seattle, WA: $826,000
Two of the above cities make the list for the top locations people are leaving, which are as follows:
The survey also found several popular reasons U.S. homeowners decided to relocate.
Moved for lower overall cost of living: 20%
Wanted a better deal on a home: 15%
Couldn’t afford a home/the cost of living in their previous area: 13%
Concerned about the impact of climate change on their previous area: 4% of U.S. residents
“moving into, by net inflow...
Houston, TX”
It’s steam bath city even in early March.
Articles like this reminds me of when my oldest brother and his wife bought their first house. In the late 1970s, yes, the Jimmy Carter years. The mortgage rate was 17%. I was working at a grocery store, and prices were increasing every week. A few years before, one could memorize hundreds of prices. After the Peanut Man took over, the grocery store had hire someone just to change the prices over and over.
“North Port-Sarasota, FL”
I live in an area between those two places.
I would not choose to move here.
It is hot for about 9 months of the year and the traffic is bad.
New houses tend to be packed together and houses built four to five decades ago tend to need expensive work.
Florida coastal area homeowner insurance quite often costs about as much as a mortgage.
Because house prices are now high, out-of-state buyers will find their taxes to be quite high.
I believe while average home prices are high, people are fleeing those areas which have been given over to crime. They want value for their homes before the prices drop well below the loans on them. This is a bubble that will burst.
One would think a journalist would know the difference between “less” and “fewer”.
No one is leaving Hartford, there’s no one there. Seriously it’s the opposite of a bedroom community. People work there during the day and leave for the suburbs at 5:00.
It is true people are leaving Connecticut generally. It been a democrat hellhole for decades.
Stay out of Houston, it’s a toilet and they are going to elect of full blown black racist Moron as mayor soon.
People are moving from SF and Oakland to Sacramento.
“Those cities are so expensive and congested right now. Can’t imagine moving there.”
and HOT, HOT, HOT! And HUMID, HUMID, HUMID in Florida ... you couldn’t pay to live in any of those places ...
Government seat of power. It rains money there. People move to where the money is at!
I’m glad someone else noticed. Fortunately, you haven’t been obliterated for pointing it out.
One big hurricane, like Andrew, and it will be like the 1926 Hurricane, it put Florida in a depression for years, after the boom of the early 20s.
If you move into an urban pest hole at this point in history, there’s something seriously wrong with you.
Poor, incoherent and incomprehensible writing full of grammatical errors is the norm these days. It’s going to get a lot worse with this insane fad to use the plural for the singular.
The first two are subject to running out of water
My wife has been researching Coeur D'Alene as a retirement possibility. But I hear crosstalk about CDA being overwhelmed/infected with kalifornia libs. What do you hear?
The survey also found several popular reasons U.S. homeowners decided to relocate.
Moved for lower overall cost of living: 20%
Wanted a better deal on a home: 15%
Couldn’t afford a home/the cost of living in their previous area: 13%
Concerned about the impact of climate change on their previous area: 4% of U.S. residents
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Are they saying that no one is concerned about increasing crime, onerous taxes, or a hostile political climate????? This validity of the four reasons listed above is highly dubious.
I find most California expats moving here are conservative and many are fleeing the insane liberal governance and policies in CA.
But, being a “conservative” in CA is not like Idaho-native “conservative.”
Besides conservatism, the influx of money and the role of developers is obvious. A 19 story mixed use building was approved by the Coeur d’Alene city council last year. It is located on Front Street and will block the magnificent views of Lake Coeur d’Alene and Tubbs Hill. It is really dismaying that this was approved. There is insufficient effort to prevent the total make-over of our small cities and towns. Preservation efforts are weak.
“What they didn’t tell you.”
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They know but they didn’t want to acknowledge the failure of Democrats and the morass they’ve created in the blue cities.
I'm guessing they want to get away from SF but not leave "beautiful" CA... or they have family in the area and Sacramento isn't too far from the kids and grandkids.
I'm just guessing.
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