Despite rising housing costs and an ever-widening inventory shortage, an estimated 7.9 million Americans moved from one state to another in 2021, according to the U.S. Census Bureau. While some of those buyers are prioritizing location and regional amenities when moving, others are relocating for increased affordability. Though few and far between, some U.S. metros offer the best of both worlds.
Cities such as Phoenix are drawing nature lovers as well as those looking for a good bargain. Phoenix homes are still priced 20% higher than the national median list price at $440,000, but they’re falling from peak highs reached a year ago, Realtor.com reports. Chicago is also seeing increased demand from out-of-state buyers attracted to its $389,000 median list price and bustling downtown scene.
“More shoppers are looking for homes in areas other than where they live,” Realtor.com economist Jiayi Yu wrote in her report on where people are looking for homes. “Americans are on the move.”
Today’s buyers are grappling with high home prices, rising mortgage rates, and inflation—so they are eager for a deal. More than anywhere else, out-of-state home shoppers are scouring listings in the more affordable metros in the South and Midwest. In fact, 6 of the 10 metros we’re highlighting have a median home list price at or below the national price tag of $440,000 in July, according to the most recent Realtor.com data. Seven have a price per square foot below the current national median of $224.
Advertisement
Related Stories
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities
Affordability
The Disappearing Act That Is Middle-Income Housing
An expert weighs in on the diminishing supply of middle-income housing, which is particularly acute in California, and what to do about it
Market Data + Trends
A Look at Homeownership Rates Across the Nation
Data for homeownership rates in the 100 largest US cities show Port St. Lucie, Fla., in the top spot, while West Virginia is the state with the most homeowners