Working from home has been the pandemic’s silver lining for remote workers wanting to live in more affordable places.
Smaller, Cheaper Metros the Beneficiaries of Remote Working
The race from larger, more expensive metros to smaller, cheaper metros continued unabated in Q4 2021, according to a recent study by Redfin.
Redfin found that 31.2% of its 2M online users were looking to save money on their next home by relocating from larger, more expensive metros to smaller, more affordable ones in Q4 2021. This 31.2% is an increase from 26.5% in Q4 2019.
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Faraway Home Buyers
Take a look at the metros with the greatest number of home searches from other markets and the metros where the most home searches originated.
Metro Net Inflow Out of Town Searches Source Metro
Miami 11,931 +33% New York
Phoenix 11,047 +36% Los Angeles
Las Vegas 8,031 +43% Los Angeles
Sacramento 7,756 +41% San Francisco
Tampa FL 7,678 +46% Orlando FL
Dallas 6,363 +26% Los Angeles
Cape Coral FL 5,525 +67% Chicago
North Point FL 5,362 +65% Chicago
San Antonio 5,334 +43% Houston
Atlanta 4,921 +20% New York
Affordability in Smaller Metros Could End Soon
While cheaper living in smaller metros continues to attract remote workers, the window to live more affordability may be closing. Out-of-town buyers with deeper pockets have been jacking up home prices in the most popular smaller metros.
Look at Boise and Austin as examples of once cheaper metros where locals are having to rent rather than buy and/or look to buy elsewhere where houses still remain affordable.
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Thanks to Redfin and The New York Times.
