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
Las Vegas, NV
Phoenix, AZ
Orlando, FL
Those cities are so expensive and congested right now. Can’t imagine moving there.
Sacramento? That’s a bit of a surprise.
No kidding. Sacramento was never an especially nice place to live and it’s in a dying state. I’m shocked ANY city in CA is on the list.
Thank Goodness no Idaho cities are on the “Move To” list. It’s bitter cold in winter, broiling hot in summer, zero culture, the bears and mountain lions will eat you and, if you’re still around, the moose will stomp you.
TG my city is not in the move to city.
It is already growing like crazy.
My guess is a lot of that moving is from within California. Sac just being somewhat less intense in terms of “atmosphere” than some other locales in the less than golden state.
Once upon a time we lived where our job was.
Fewer....
Without a horrendous amount of energy to run air conditioning, Las Vegas and Phoenix would vanish. Neither place makes sense to exist.
LOL - we try to tell ‘em stuff like that about Texas except with rattlesnakes and chupacabras instead of moose, but they won’t stop coming here! 😭🤦🏻♀️
Had a brother go to law school in Srotumento, as they called it. No one liked the place.
LOL
And, to top it all off, you'll be surrounded by - gasp! - CONSERVATIVES!
Regards,
Especially Las Vegas. I spent time there, and it wasn’t all that entertaining.
What they didn’t tell you.
Wanted to get away from democrats: 48%
interesting
‘Thank Goodness no Idaho cities are on the “Move To” list.”
Um, Recently visited Idaho for the first time a few months ago. Not what I expected; totally gorgeous!
You need to keep your state on the down low. Don’t tell anyone. Ever.
Good luck.
Yes. There are great (by CA standards) common sense school districts just north of Sacramento. Loomis. Granite Bay. Kevin Kiley is their GOP representative and I voted for him in Newsom’s recall. That area is sort of the new Orange County.
“Without a horrendous amount of energy to run air conditioning, Las Vegas and Phoenix would vanish. Neither place makes sense to exist.”
Yep, and one more bad election means blackouts on the way, and those places don’t look to be much fun in blackout conditions.
“Base load affected facilities that follow the CCS pathway must meet a second phase standard based on 90% capture of CO2, using CCS, by 2035”
“Baseload affected facilities that follow the low-GHG hydrogen pathway must meet a second phase standard based on co-firing 30% low-GHG hydrogen by volume by 2032 and a third phase standard based on cofiring 96% by volume low-GHG hydrogen by 2038”
Your wallets and purses will be cleansed too.
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