32% of Americans are looking to relocate, according to Redfin.
Homebuyers Continue Relocating at Near Record-High Levels
The pandemic-inspired urge to relocate to more spacious and affordable pastures emerged in Q2 19 when 25.2% of Americans packed their bags to move from crowded, expensive urban cores. That initial urge has transformed itself over the last three years into an ongoing and expanding trend.
From 25.2% of homebuyers searching for new digs outside their home metro area in Q2 19 to an average of 29% in 2020 to an average of 31.2% in 2021 to an all-time high of 32.3% of homebuyers searching for homes elsewhere in Q1 22, 32.0% of Americans homebuyers packed their bags in hopes of relocating during April 2022.
Once Affordable Migration Hotspots Now Unaffordable
The more homebuyers have relocated, the less affordable their most popular destinations have become. Places such as Austin TX, Phoenix AZ, Boise ID and Miami FL have simply become too popular and too expensive for many relocating homebuyers now that excessive demand has overwhelmed scant supply. Obviously, fast climbing mortgage rates are only exacerbating affordability challenges faced by potential homebuyers.
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Price Surges in Most Popular Migration Hotspots
Take a look at what has happened to home prices over the last three years in four of five most popular migration destinations:
- Miami (ranked #1) – the typical home sold for $475,000 in April 2022, up from $330,000 in April 2020
- Phoenix (ranked #2) – the typical home sold for $480,000 in April 2022, up from $305,000 in April 2020
- Sacramento (ranked #4) – $605,000 in April 2022, up from $430,000 in April 2020
- Las Vegas (ranked #5) – $445,000 in April 2022, up from $294,000 in April 2020
Tampa, ranked #3 in terms of migration destination popularity, was the only metro among the five most popular with a median home sale price below the national median of $424,400. The problem in Tampa is that homebuyers there need to earn + 47.8% more this year than they needed to earn last year in order to buy a median-priced home. The solution for many Tampa wannabes? Buying a condominium or moving to more affordable rural areas.
The good news for relocating migrants? There are a handful of popular migration destinations that remain relatively affordable.
Popular Migration Destinations with Prices Below National Median
These eight popular migration destinations all have home prices below the national median home price of $424,400:
Metro Typical Home Price
- Virginia Beach VA $315,000
- San Antonio TX $330,000
- Houston TX $340,000
- Jacksonville FL $356,800
- Bakersfield CA $365,000
- Tampa FL $370,000
- Atlanta GA $383,000
- Cape Coral FL $419,000
Thanks to Redfin.
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