In the third quarter of 2018, a greater share of San Franciscans, New Yorkers, Los Angelenos, and residents of the District of Columbia moved out of town in search of more affordable markets.
By contrast, cities in Florida, Tennessee, and Texas gained more residents. Based on data from more than 1 million home searchers looking in 80 U.S. metros from July through September 2018, Redfin finds that one quarter of buyers were looking at buying in another metro, a three percent increase year-over-year. The primary driver in these migration patterns is affordability, as more Americans leave the coasts for more budget-friendly markets.
San Francisco, New York, Los Angeles, Washington, D.C. and Denver posted the highest net outflows in the third quarter. Net outflow is defined as the number of people looking to leave the metro minus the number of people looking to move to the metro. A net outflow means there are more people looking to leave than people looking to move in, while a net inflow means more people are looking to move in than leave.
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