Prospective homebuyers are searching coast to coast for affordable housing - even if it means leaving their hometowns.
Redfin, a real estate brokerage firm, reported last week that potential homebuyers are seeking to relocate.
San Francisco, Los Angeles, and New York topped the list of cities where Redfin users appeared most likely to try to leave.
Redfin's deputy chief economist, Taylor Marr, stated in the report that the typical home in San Francisco or San Jose costs more than $1.5 million.
It is important to understand that with today's mortgage interest rates of 5% or more, the monthly payment becomes sky-high."
It is estimated that 33% of Redfin users are searching for homes in new cities in the second quarter of 2022, as compared to 26% before the Covid-19 pandemic hit in 2019.
In a report released by Redfin, it has been revealed that potential homebuyers are fleeing seven cities in particular:
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(1) San Francisco
(2) Los Angeles
(3)New York
(4)Washington D.C.
(5)Seattle
(6)Boston
(7)Detroit
As the list's top 10, Denver, Chicago, and Minneapolis round out the list.
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