Homebuyers Fleeing Big Cities Due to High Inflation and Rates
Homebuyers are increasingly moving to affordable places within the country as U.S. mortgage rates crossed the 7 percent mark last month and decades-high inflationary pressures cut into real incomes.
According to Seattle-based real estate brokerage Redfin, homebuyers are looking to move into Sacramento, Las Vegas, and Tampa, with the biggest outflows seen in San Francisco, Los Angeles, and New York City. A record-high 25 percent of American homebuyers were planning on shifting residences to cheaper metropolitan areas during the third quarter of 2022, said the company. That’s an increase of 23.3 percent from the second quarter, 21.6 percent from 2021, and about 18 percent from pre-pandemic….