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
THANK YOU!
I saw that and almost didn’t read the rest.
Liberals fleeing the mess they made of their cities so they can repeat the mistakes in our cities. Niiiice.
A kali "conservative" might oppose high taxes and support the 2nd, but they're still flaky on drugs, fags, crimigrants, or all the above. But that's just me.
The mixed use bldg is disappointing. Coeur D'Alene natives don't understand the risk of Left Coast $$$ + Left Coast ideology?
How true. I had to leave a wonderful area for my job, but after thirty one years here saw that wonderful area degenerate into a less than desirable place to live.
Since I retired fifteen years ago I decided to stay put and am happy here, less than a mile from my former place of employment.
It may be something said in the old movie FOUR HORSEMEN OF THE APOCALYPSE(1921), when the old man dies and his girls inherit his fortune, one says “your home is where you made your fortune.” They all moved to another country with devastating results.
The only thing that has made the South livable is.....air conditioning.
“Coeur D’Alene natives don’t understand the risk of Left Coast $$$ + Left Coast ideology? “
They certainly do. The NextDoor app is full of comments bemoaning loss of the “Old Idaho” and its values.
A lot of these big real estate deals are intentionally kept under the radar for long periods of time and, when they are sprung on the public, the deals are fully baked and hard to stop. I learned about this horrendous project too late in the newspaper. I’m in a small town north of CdA, so don’t go to their city council meetings. There was some opposition at a city council meeting that was written up in the local paper, but the planning commission endorsed it and the city council rubber stamped it. From the time I first heard about it to council approval was only a couple of weeks.
We live in a charming older neighborhood. There is a gorgeous home down the street with incredible woodwork. The lady’s husband passed and, after a decade, the house was more than she could care for, so she sold it. A developer in his 80s who lives nearby bought the property. He told flat-out lies about his intention for the property. He soon applied for a permit to split the lot in two, tear down the existing gorgeous but modest home, and build two huge houses on the split lots. He and his lawyer spoke at a city council meeting and poured out the usual platitudes about loving the town, making it their home, etc. Nobody bought it and probably a dozen homeowners spoke out against it. The one-man planning commission endorsed it at the council meeting. I spoke forcefully about preserving the character of our small town and splitting lots was antithetical to that. The council tabled the proposal, then came over and toured our neighborhood. At the next meeting, they denied his lot splitting proposal!
So, at least once we’ve been able to defeat a developer.
The jerk got in a big huff and moved to a different state. So much for him claims of wanting to make this his home.
My experience is all developers are slimeballs and don’t care one whit for you, your neighborhood, your town or your city.
“No one is leaving Hartford, there’s no one there.”
Lol—yeah anybody with two dollars to scrape together fled after the 1968 riots and never came back....
However these studies normally cover metro areas—in the case of Hartford the city population is probably around 10% of that of the metro area.
The insurance industry in Hartford (largest private employer) makes no sense anymore—most of that work is computer based and can be done from anywhere. There is no good reason to commute to that toxic waste dump anymore.
“no one is concerned about increasing crime”
There was a recent book written about why folks left the cities in the 1960s—talked to actual people who moved and just followed the data:
https://www.amazon.com/Untenable-Ethnic-Flight-Americas-Cities-ebook/dp/B0BZQC882W
The top two causes of “white flight” (which including people of all kinds, including blacks in the neighborhoods btw):
—Crime
—Public Schools
We’ve also perused Zillow for Rathdum and Post Falls. Opinions?
Both are nice towns, but both have huge growth and are sprawling all over the place. In a few years, they are going to swallow up what’s left of the Rathdrum Prairie and they will merge, the same way all the once-separate towns from LA to San Diego all merged together.
Post Falls is close to Interstate 90, so you get more growth, development, traffic and noise. The state has been rebuilding Highway 41 from PF to Rathdrum. It used to be a sleepy two-lane road, but now it’s a four lane highway most of the way. Construction continues. It still has red lights and only one railroad overcrossing.
The new neighborhoods are all cookie-cutter with identical homes on smallish lots.
The people are great. Very family oriented, strong religious values, many churches all over to choose from.
There are lots of options. If you like the suburban neighborhood style, they are good choices. If you want more country life, you can head further north, south or east. If you really want a smaller town with less hustle & bustle, go up to Sandpoint or further to Bonner’s Ferry. There’s great skiing in Sandpoint at Schweitzer. There is a bunch of smaller lakes heading north from Rathdrum to choose from, too. Twin Lakes, Spirit Lake or, to the west, Hauser Lake and Newman Lake. Dover on the Pend Oreille River just west of Sandpoint is gorgeous now. Like many areas, it was a huge lumber mill town, but all that is going and there are beautiful homes on the water. (My mom was born in Sandpoint and lived in Dover for a few months as an infant almost 100 years ago!).
Don’t forget about fires and smoke as they are regular occurrences in the great forests of the Northwest. Some years we don’t get hit, other years we can have weeks of smoke. Right now, there’s a stubborn 2,500 acre fire only 8 miles from us at the north end of Hayden Lake (the “Ridge Creek Fire”). It’s 16 miles due east of Rathdrum. It started on August 3. In the mornings, we are getting mild smoke smell, but the winds usually clean it up by mid-day. The winds have shifted from the east and there’s a brown plume blowing west from the fire toward Rathdrum right now. We have four 100 degree days coming up which is not good.
It all depends what you’re looking for, of course. What are your requirements and criteria?
You're much more patient than I.
I thought you might be interested in this thread.
Local residents are grappling with not only the loss of homes and loved ones but the unsettling attention of developers looking to capitalize on their tragedy.
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