#Looks to relocate to due to portable

Homebuyers are leaving San Francisco, Los Angeles and New York †Negative values indicate a net outflow among the 2 million users sampled for this analysis only *Combined statistical areas with at least 500 users in January 2022 Portion of Searches from Users Outside the Metro, January 2021 Portion of Searches from Users Outside the Metro, January 2022 ” Top 10 Metros by Net Inflow of Users and Their Top Origins Some homebuyers who prioritize affordability may start searching in less expensive northern cities. “Home prices–and the costs of other goods and services–are skyrocketing in a lot of these destinations precisely because they’re so popular with out-of-towners. “While Sun Belt cities like Miami and Phoenix aren’t likely to lose their luster anytime soon, rising prices may soon render them slightly less popular for relocators,” Fairweather said. Still, that’s more affordable than the $655,000 median sale price in New York, the top origin of people moving to Miami. In Miami, the typical home sold for $436,900 in January, up 18.1% year over year and above the national median of $376,200. Relatively affordable metros with warm weather are typically the most popular destinations among home searchers.Īlthough the five most popular metros are still affordable compared with coastal job centers like the Bay Area and New York, home prices are rising rapidly. Miami was followed by Phoenix, Tampa, Sacramento and Las Vegas, all of which are perennial favorites for relocators. Popularity is determined by net inflow, a measure of how many more home searchers looked to move into a metro than leave.

metros in January, unchanged from the third and fourth quarters of 2021. Miami was the most popular migration destination of all the major U.S. Miami is the most popular destination for relocating homebuyers If a buyer becomes frustrated by a lack of inventory in one metro, they may relocate to a place with more affordable homes to choose from. Permanent remote-work policies and the ongoing housing shortage will also likely keep Americans moving. Even workers who are unable to work from home should feel confident about finding a job in a new location with the tight labor market. “With mortgage rates going up and rents skyrocketing, moving somewhere more affordable is one of the only ways for many Americans to stay within their housing budget. “I predict the share of homebuyers looking to move to a different area will continue to rise throughout the year,” said Redfin Chief Economist Daryl Fairweather. The share of homebuyers looking to move has grown during the pandemic as remote work and low mortgage rates have allowed many Americans to relocate to more affordable regions with more indoor and outdoor space. Redfin’s migration data goes back to 2017. To be included in this dataset, a user must have viewed at least 10 homes in a particular metro area, and homes in that area must have made up at least 80% of the user’s searches.

The latest migration analysis is based on a sample of about 2 million users who searched for homes across 111 metro areas in January, excluding searches unlikely to precede an actual relocation or home purchase. That’s up from the previous peak of 31.5% in the first quarter of 2021 and significantly higher than before the pandemic, when about one-quarter of homebuyers were looking to relocate. NPD Group was not immediately available for comment.Redfin’s chief economist predicts the share of Americans relocating will keep increasing as the year goes on, with rising mortgage rates and skyrocketing rents making affordable metros more attractive than ever.Ī record 32.4% of users nationwide looked to move to a different metro area in January. LinkedIn analyzed the major cities that American workers relocated to from April 2020 to October 2020, with Austin, Texas and Phoenix, Arizona being at the top, largely due to a more inexpensive cost of living.

These sales were boosted by people buying corrugated boxes and packaging tape.

Mailing and shipping supplies have also increased by five times in 2020 versus the previous year, according to NPD. Sales also grew at office supply stores and at hardware retailers. NPD said it expects that growth to continue into 2021.

#Looks to relocate to due to portable

Last year, online sales of portable and bulk storage categories grew at a pace that was five times greater than the prior year. This gives them the ability to live in an area with a lower cost of living or that is closer to family, NPD said.Īs a result of the increased interest in moving, sales of moving supplies and services have shot up. NPD's comments come as winter winds down and the peak months for moving, May through September, are ahead.Īs people get more comfortable with the ability to work from anywhere, they are realizing that they don't have to be pinned down to a certain location near an office in order to provide for themselves or their families.