: People are keen to move out of big cities due to inflation. They are eyeing these sunny locations for lower-cost living.

by | Oct 31, 2022 | Stock Market

Americans are fed up with the high cost of living in big cities, and they’re planning on moving to sunny, more affordable locations. That’s according to a new report by real-estate brokerage Redfin
which looked at the share of users on its platform looking for for-sale homes outside of their home city. It found that nearly a quarter of homebuyers are looking to move to a more affordable metro area, rather than the big city where they currently live.

Just over 24% of Redfin users were looking for a deal in a cheaper metro area in the third quarter — a record high. To put that in context: Even during the pandemic, only 18% of users were looking to relocate. Warm cities topped the list of most desired locations: The top destination was Sacramento, followed by Miami, Las Vegas, San Diego, and Tampa. With home prices still elevated and mortgage rates above 7%, mortgage demand has sunk to the lowest level in 25 years, the Mortgage Bankers Association said on Wednesday. People are finding it hard to buy a home when their mortgage is now hundreds of dollars more expensive per month. Most of the people looking to move to Sacramento were from San Francisco. The median sales price in Sacramento was $560,000, Redfin said, which is higher than the national average, but is still a “fraction” of the $1.5 million median …

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