Homebuyers across the U.S. are crunched for affordability amid rising mortgage rates and persistent inflation, and in order to curb skyrocketing housing costs, a record share of prospective buyers are moving away from expensive coastal markets, Redfin reports. A record 33.9% of Redfin.com users nationwide planned a move from one metro to another in July and August, the highest share since Redfin started tracking migration data in 2017.
The majority of migrating homebuyers fled the Bay Area in July and August after months of consecutive home price gains, and buyers also left expensive job centers like Los Angeles, New York, Washington D.C., and Boston to look for more affordable homes elsewhere.
Miami was the most popular migration destination, continuing a year-plus streak of the South Florida metro taking the number-one spot. Popularity is measured by net inflow, or how many more Redfin.com users looked to move into an area than leave.
Next come two California metros: Sacramento, perennially popular for homebuyers moving from one metro to another, and San Diego, which only recently jumped onto the list of most popular destinations. Las Vegas and Tampa, FL round out the top five. They’re followed by Phoenix, Cape Coral, FL, North Port, FL, Portland, ME and San Antonio, TX.