Homebuyers appear to be on the move, or at least they want to be, as a new report has found the top 10 places people want to live as mortgage costs continue to rise nationwide.
The report comes from Redfin.com, an online real estate company, and it found that 24% of all homebuyers using its site are looking for a home in a different metro area than the one in which they currently reside.
This number is up from 2019, when it was 18%, and the housing market was better tempered, according to the company.
It also found that more homebuyers from larger urban areas like New York City and San Francisco want to move to more affordable cities.
Currently, 30-year fixed mortgage rates sit above 7%, a number that has nearly doubled since last year. Because of this, the study says that switching cities is one way potential homeowners could slash their living costs.
Overall 100 metro areas were examined, and the top 10 cities it found to be the most appealing were: Sacramento, California; Miami, Florida; Las Vegas, Nevada; San Diego, California; Tampa, Florida; Phoenix, Arizona; Cape Coral, Florida; North Port-Sarasota, Florida; Dallas, Texas; and Portland, Maine.
The 10 cities named by Redfin were chosen by their net inflow of property searches on the company’s website. Netflow is measured as the number of people looking to move into a metro minus those looking to depart.
The study also looked at big cities with the highest proportion of searches made by local users with the intention of relocating.
Among the top 10 were Detroit, Michigan; Denver, Colorado; Minneapolis, Minnesota; New York City, New York; San Francisco, California; and Los Angeles, California.
The study found that those in large northern or coastal cities were the most likely to relocate, usually ending up in smaller cities nearby the one they left.
Data for the study was compiled from July to September, according to Redfin.