Moving To A New City

by | Aug 12, 2023 | Where to Move | 3 comments

Here we go again – people don’t want to leave San Diego! It will be interesting to see if this hot summer throughout the country causes more of the affluent people to head our way.

Based on an analysis of 100 metro areas, the following 10 cities had the highest net inflow of property searches on Redfin’s website. Net inflow is the number of people looking to move into a city minus the number of people looking to leave.

Las Vegas: 5,700
Phoenix: 5,300
Tampa, Florida: 5,000
Orlando, Florida: 4,900
Sacramento, California: 4,800
North Port-Sarasota, Florida: 4,700
Cape Coral, Florida: 4,100
Dallas: 4,100
Miami: 3,700
Houston: 3,600

For all cities on this list, the largest number of potential out-of-town homebuyers are from either Los Angeles, Seattle, New York or Chicago, according to the study. This makes sense, as those are some of the cities where the most homebuyers seemingly want to leave.

Here are the 10 metros with the largest net outflow of property searches, which measures the number of search queries interested in leaving a metro area minus the number of search queries about moving to that same city.

San Francisco: 28,100
New York City: 24,200
Los Angeles: 20,900
Washington, D.C.: 15,700
Chicago: 4,900
Boston: 4,400
Seattle: 3,900
Hartford, Connecticut: 3,500
Denver: 2,300
Detroit: 2,300

The search patterns suggest homebuyers are looking to leave large coastal hubs for cities in low-tax states that have considerably cheaper home prices.

For instance, most out-of-town buyers looking for properties in Las Vegas are from Los Angeles. The median cost of a home in Las Vegas is $412,500 as of June, nearly half the $975,000 median cost for homes in Los Angeles, according to Redfin’s data.

For the purposes of the study, a person browsing Redfin counts as a migrant if they’ve viewed 10 properties in another city over the three months ending June 2023. The net inflow and outflow rankings were compiled based on the total number of migrants.

https://www.cnbc.com/2023/07/30/1-in-4-us-homebuyers-want-to-move-to-a-new-city.html

Least Expensive States

by | Aug 5, 2023 | Where to Move | 3 comments

If you want to really save some money, these are the states to consider – though you’ll have climate change!

Today we released a new report that reveals that while the average U.S. household spends $24,557 annually on the most essential household bills (which is 35% of the U.S. household median income of $70,784) and roughly $2,046 per month, many states rank well above or below this figure.

As U.S. households continue to grapple with an increased cost of living, those living in Hawaii, California, New Jersey, Massachusetts and Maryland may be feeling more pressure as these states top the list as the most expensive, while West Virginia, Mississippi, Arkansas, Oklahoma and Kentucky are listed as the most affordable.

Link to full article

San Luis Obispo County

by | Jul 8, 2023 | Where to Move | 1 comment

On Saturdays, we feature other areas – click on the Where To Move category (above) for the whole collection!

“I suddenly realised I was in California. Warm, balmy air – air you can kiss – and palms.”

I thought about these words Jack Kerouac wrote in 1951 as I turned off the state’s famous Highway 1 and followed the road around, the gleaming Pacific Ocean in sight. Everything around me was tinted pastel pink in the early evening light. A liquor store’s neon flickered, sun-faded motel signs promised vacancies, a couple walking arm-in-arm crossed the wide street framed by the rolling Irish Hills. If the perfect sleepy beach town still exists in California, I wondered if I’d found it.

“The secret is out and there’s a bit of gentrification, but it’s still the same as it’s been for 30-odd years,” said Ryan Fortini, born and raised in the area and owner of the boutique Pacific Motel, my base for two nights.

I was in Cayucos, a hidden surf town in San Luis Obispo County on California’s crowd-free central coast – or SLO-CAL as it’s known. Exactly halfway between San Francisco and LA, this peaceful paradise is home to world-class surf, glorious wine country, seal colonies, Michelin-starred restaurants, the kitschiest hotel in the world, and even an opulent castle.

Link to Full Article

https://www.zillow.com/homes/san-luisobispo-county_rb/

Affordable Towns

by | Jul 1, 2023 | Where to Move | 2 comments

As consumers continue to grapple with elevated inflation, especially in housing, the Wall Street Journal/Realtor.com Emerging Housing Markets Index highlights housing markets that offer shoppers a lower cost of living, including for homes, and thriving local economies that are attractive, but not too crowded. The index identifies markets that those considering a home purchase should add to their shortlist–whether the goal is to live in it or rent it as a home to others:

https://www.realtor.com/research/april-2023-wsj-rdc-emerging-housing-markets-index/

Affordable Beach Towns

by | Jun 24, 2023 | Jim's Take on the Market, Where to Move

From realtor.com:

To find the most affordable beach towns for homebuyers in 2023, we started by using a federal listing of beaches and their locations. We aggregated Realtor.com listing data for every home put on the market in the past year located within a one-mile radius of each beach. We then selected the most affordable beach towns by price per square foot. Only locations with at least 50 properties within a mile of the water in the past year were included.

We limited our list to just one beach town per state to ensure geographical diversity. And although we did favor places on the ocean, we also included a few bayside locales.

Despite what you may have assumed, in some places, a home by the beach can cost about the same as an average U.S. home—or less. So let’s dive in.

https://www.realtor.com/news/trends/beach-home-on-a-budget-most-affordable-ocean-real-estate-in-2023/

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