The demographic shift in the country has long been seen by experts as encouraged by money, or a lack thereof. Now there's a suggestion from Redfin that income and expenses have more of an effect than previously thought.
"High mortgage rates, persistent inflation and economic woes are making expensive parts of the country less attractive and relatively affordable places more popular," said Redfin in a study and found. Migration out of Los Angeles, New York, Washington, D.C. and Boston has picked up from last year."
The study was based on two million people who use Redfin.com and "who searched for homes across more than 100 metro areas in July and August, excluding searches unlikely to precede an actual relocation or home purchase." For inclusion, someone had to look at a minimum of 10 homes in a given geographic area and homes in that area were at least 80% of the user's searchers.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
