While MFR industry watchers debate whether the record-breaking pace of apartment rent prices will slow as year-end approaches, recent data released in the Yardi Matrix National Multifamily Report suggests that any conclusions about prices slowing down may be premature.
Despite Cooling Housing Market, Record Number of Home Buyers Seeking to Switch Metros
Olivia Rhye
11 Jan 2022
•
5 min read
Online real estate brokerage Redfin.com reports record number of U.S. home buyers are looking to switch metros. Despite a cooling housing market in most areas of the country, metro residents under pressure from interest rate hikes and skyrocketing prices in their home markets are actively looking to leave one metro for another. In Q2 2022 these metro-hoppers represented an all-time high of 32.6 percent of Redfin.com users – far surpassing pre-pandemic levels of just 26 percent.
“The typical home in San Francisco or San Jose now costs more than $1.5 million. Add in today’s 5%-plus mortgage rates and you have a sky-high monthly payment,” Redfin deputy chief economist Taylor Marr said in a press release. “Those factors, along with more companies giving employees the permanent flexibility to work remotely, are driving a larger portion of buyers to consider homes in other parts of the country. Someone who would have to stretch beyond their budget in Los Angeles may be able to comfortably afford a home in Phoenix or San Antonio.”
Redfin finds that Miami currently tops the list of popular metro destinations, with Tampa, Phoenix, Sacramento and Las Vegas rounding out the top five. In addition, all of the major Florida metros remain high volume search locales for home buyers from New York and Chicago.
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Introduction
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Conclusion
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Despite Cooling Housing Market, Record Number of Home Buyers Seeking to Switch Metros
Online real estate brokerage Redfin.com reports record number of U.S. home buyers are looking to switch metros. Despite a cooling housing market in most areas of the country, metro residents under pressure from interest rate hikes and skyrocketing prices in their home markets are actively looking to leave one metro for another. In Q2 2022 these metro-hoppers represented an all-time high of 32.6 percent of Redfin.com users – far surpassing pre-pandemic levels of just 26 percent.
“The typical home in San Francisco or San Jose now costs more than $1.5 million. Add in today’s 5%-plus mortgage rates and you have a sky-high monthly payment,” Redfin deputy chief economist Taylor Marr said in a press release. “Those factors, along with more companies giving employees the permanent flexibility to work remotely, are driving a larger portion of buyers to consider homes in other parts of the country. Someone who would have to stretch beyond their budget in Los Angeles may be able to comfortably afford a home in Phoenix or San Antonio.”
Redfin finds that Miami currently tops the list of popular metro destinations, with Tampa, Phoenix, Sacramento and Las Vegas rounding out the top five. In addition, all of the major Florida metros remain high volume search locales for home buyers from New York and Chicago.
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