Bay Area residents in search of cheaper pastures – Redfin report

by Anna Sobrevinas03 May 2017
Rising prices are causing many homeowners to relocate to cheaper locales, according to a new report from Redfin. According to the report one in five of nearly one million Redfin users were looking for new homes in the first quarter.

California, and especially the Bay Area, topped as the most expensive metro with the largest net outflow of people, with 15,087 leaving, according to Redfin.

Nearby Sacramento was the preferred destination for migrating Bay Area residents, with 22.4% of those wanting to leave looked for homes in the state’s capital.

Migration to the South was another trend Redfin recorded, with Florida and Texas the top destinations for people looking to leave their present home.

Austin was a top choice for Bay Area residents aside from Sacramento, as one in six looking to move considered the Texas metro.

“Austin is the gold standard of healthy migration, driven by its booming jobs market and a vibrant housing market,” said Redfin Chief Economist Nela Richardson. “In order for cities to attract and keep a talented workforce, win corporate investment and generate tax revenues, they have to prioritize the basics for their residents — ensuring an adequate supply of homes that are affordable to live in.”

Relocating within the home metro was still an option for searchers, with four out of five keen on moving close to their present home.

Chicago had the most loyal residents, as 92.5% searched within the area, followed by Boston with 91.6% and Seattle with 91%.

Click here for the complete report.


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California cities top list of hottest March markets
Expensive housing could drive millennials away from Bay Area
 

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