2018 Migration Trends: people looking to leave Denver, LA, and SF
Interesting article of the domestic migration trends in 2018 with charts.
As mortgage rates climb, affordability in the most expensive markets has suffered, driving more people to affordable, low-tax inland job centers in states like Florida, Texas and Tennessee.
In the third quarter of 2018 people continued to move away from high-cost coastal markets like , , and , in increasing numbers. Meanwhile, more affordable areas like , and continued to draw thousands of potential new residents. The latest migration analysis is based on a sample of more than 1 million Redfin.com users who searched for homes across 80 metro areas from July through September.
Nationally, 25 percent of Redfin.com home searchers looked to move to another metro area in the third quarter, compared to 22 percent during the same period last year. Affordability continues to be a driving factor causing people to move away from the coasts.
“Rising mortgage rates are exacerbating affordability issues that have been driving people out of expensive coastal metros for the past few years,” said Redfin chief economist Daryl Fairweather. “With rates no longer near historic lows, buyers are increasingly cost-conscious, in the South and middle of the country.”
Moving Out – Metros with the Highest Net Outflow of Redfin Users
San Francisco, New York, Los Angeles, Washington, D.C. and 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.
Source: https://www.redfin.com/blog/2018/10/q3-2018-migration-report.html?fbclid=IwAR0DprtRk444obNLsdcgDrXPk5FhGYhY95tnRkvWB_7aD8ymZixJ2VCvarA