A record 26% of homebuyers are seeking to relocate to different parts of the country due to remote work and affordability concerns. Homebuyers are increasingly searching for affordable destinations, with nine of the top 10 migration destinations boasting lower median home-sale prices than the most common origin areas, Redfin reports.
Sacramento, Calif., Las Vegas, and several Florida metros such as Orlando are among the most popular destinations. Meanwhile, expensive job centers like San Francisco, New York, and Los Angeles are experiencing net outflows as homebuyers search for more affordable housing options elsewhere.
Relocations are holding up better than in-metro moves largely because homebuyers are searching for affordability, and remote work gives many Americans the freedom to move. Nine of the 10 most popular migration destinations have a lower median home-sale price than the most common origin of homebuyers moving in.
While research has shown that homebuyers consider climate risk when deciding where to live, affordability is often a more significant factor. A recent Redfin survey found that roughly 8% of U.S. residents likely to move within the next year are doing so because they’re concerned about the impact of climate change on their previous area, compared with 22% moving for a lower cost of living.