Locals don’t have a chance against out-of-towners moving to cities such as Nashville, Philadelphia, Atlanta and even New York City. Relocating migrants just have more to spend on a house.
42 of 49 Cities See Out-of-Towners Driving Up Home Prices
As more and more employers make remote work options permanent, more remote workers move to more affordable places than their hometown. Great news for those migrants coming from places with sky-high home prices (and taxes). Terrible news for more and more locals in those more affordable places who are being priced out of hometown housing markets.
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Take migration hot-spot Nashville, for example. An average relocating migrant, usually from Los Angeles, has about $737,000 to spend on a house. The local, on the other hand, has about $574,000 to spend. Chances are the Nashville local will become a renter, not a buyer.
A just released study by Redfin found that out-of-town migrants have deeper pockets than locals in 42 of the 49 cities included in this report.
Locals Have Bigger Budgets in Several Bay Area Cities
Redfin found that locals had higher budgets than out-of-town migrants in seven cities in this analysis. Four of those cities included Bay Area cities, including Fremont, Pleasanton, San Jose and San Francisco.
The other cities where locals “win” are Riverside CA, Baltimore MD and Frisco TX.
12 Cities Where Migrants’ Home Budgets Outpace Locals’ Budgets the Most
City Migrants’ Budget Locals’ Budget % Gap
Nashville $736,868 $573,382 28.5%
Philadelphia $559,215 $435,609 28.4%
New York City $1,211,195 $957,506 26.5%
Atlanta $717,243 $568,873 26.1%
Miami $972,470 $777,102 25.1%
Columbus $456,037 $375,592 21.4%
Phoenix $708.911 $586,706 20.8
Las Vegas $652,942 $544,723 19.9%
Indianapolis $402,620 $337,992 19.1%
Orlando $555,216 $471,145 17.8%
Mesa AZ $568,337 $491,326 15.7%
Denver $901,386 $785,171 14.8%
Cities Where Locals’ Home Budgets Outpace Migrants’ Budgets
Frisco TX $784,688 $802,154 -2.2%
San Francisco $1,795,037 $1,846,270 -2.8%
Riverside CA $673,823 $695,833 -3.2%
San Jose $1,437,775 $1,500,244 -4.2%
Baltimore $356,075 $372,117 -4.3%
Pleasanton CA $1,669,987 $1,752,393 -4.7%
Fremont CA $1,465,336 $1,560,575 -6.1%
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Thanks to Redfin.
