Twenty-Five Percent of Homebuyers Looking to Shift to New Metro Areas Due to High Cost of Housing: Report

Roughly a quarter of Redfin homebuyers looked to move to a different metropolitan area in the fourth quarter of 2022 owing to home affordability issues, with places like Sacramento, Las Vegas, and Phoenix topping the list of destinations.
In fourth quarter 2022, 24.6 percent of Refin users wanted to shift to a new metro area, up from 22.1 percent a year back and around 18 percent prior to the COVID-19 pandemic, according to a Jan. 23rd press release by the real estate brokerage. Redfin attributes the “unprecedented rate” of relocation to high home prices, elevated mortgage rates, and economic uncertainty. These factors are especially forcing remote workers to move to more affordable places….