Facing higher home prices and mortgage rates, more homebuyers than ever are looking to relocate to less expensive areas.
Share of Homebuyers Looking to Relocate Hits New High
Depending on which data source you decide to use, home prices have increased between 16% and 19% y/y. Rising mortgage rates add to expensive housing costs. The result? The nationwide share of homebuyers seeking to move to more affordable areas rose to 32.3% in January and February of 2022, according to the latest research by Redfin.
In Q1 2021, 31.5% of homebuyers were looking to relocate to more affordable areas. In pre-pandemic Q1 2019, 26% of homebuyers were seeking to relocate.
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Remote Work Options Freeing Up Homebuyers to Relocate
With home prices jumping +16% y/y in February and mortgage interest rates climbing, many homebuyers were priced out of their local market. Remote working is enabling those priced-out buyers to move to more affordable areas.
Individual Buyers & Investors Alike Flocking to Miami, Phoenix & Tampa
Both remote workers and investors coming from expensive local markets such as San Francisco, New York and Austin are buying in areas where they can actually afford to own a home and lead a comfortable life.
Remote workers want a single-family home with enough space to accommodate at-home working/learning. Investors are looking to buy in areas where they can buy three rental properties instead of just one. For some investors, buying rental properties is a side hustle; for others, it’s retirement planning.
Naturally, local first-time buyers aren’t thrilled with out-of-town competition. Those out-of-towners are driving up prices plus they’re reducing already limited inventory levels.
Top 10 Metros by Net Inflow of Relocators
Metro Net Inflow, 1/& 2/22 Net Inflow, 1/& 2/21
Miami 13,835 7,503
Phoenix 12,501 10,455
Tampa 9,052 6,003
Sacramento 7,936 7,184
Las Vegas 7,911 9,094
Cape Coral 6,620 5,631
North Point 5,970 3,976
Dallas 5,429 7,790
San Antonio 5,373 3,238
Atlanta 4,820 7,403
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Thanks to Redfin and MansionGlobal.
