It is common knowledge that many people are moving from big cities such as New York City and San Francisco to escape the crushing cost of living. But where people are moving is not as clear cut. To find 10 of the hottest markets homebuyers are eyeing for their next move, Redfin analyzed the net inflow and outflows of cities by subtracting the number of people moving to the city from the number of people looking to get out of it. The ones that came out on top are still pretty well-known—cities such as Portland and Las Vegas made the list—but they boast a lower cost of living than some of the larger cities. Check out these top 10 winners that are reeling in homebuyers with their affordability and strong job markets.
While housing affordability continued as a major roadblock for consumers, homebuyers looked outside of the expensive urban hubs for more favorable prices.
The biggest net influx of population happened in big cities further inland, places which offered relatively affordable homes and still healthy job markets, according to Redfin's migration report. On the flip side, expensive coastal metros such as San Francisco and New York experienced the greatest net outflow of residents.
"The current inventory crunch really started building in the fourth quarter, pushing home prices in the expensive coastal cities back up after a slight reprieve earlier in the year," Daryl Fairweather, Redfin's chief economist, said in a press release. "As price increases begin to gain steam again in these areas, we're predicting that migration to more affordable areas will increase, which in turn will begin to drive prices up there, as well."
From the heartland to the desert, here's a look at 10 housing markets where buyers are looking to move — and the high-cost markets they're leaving.
The data is based on a Redfin analysis of more than 1 million home listing searches across 87 metros during the fourth quarter of 2019. Net inflow and outflow were calculated by taking the number of users looking to leave a metro area and subtracting the number of users looking to move to the city or to another metro area.