As if affordable housing weren't scarce enough, a recent blog post by Corelogic Chief Economist Archana Pradhan

noted that in some U.S. metropolitan areas out-of-town homebuyers earn higher incomes than local residents, with the average difference in income at least 60%. This trend makes it particularly challenging for local residents to find affordable house-purchasing options without moving outside areas in which they currently reside. 

It is a significant finding because in 2023, almost one-quarter of homebuyers in the U.S. purchased property outside their current local metros. This migration started as an attempt to secure more affordable housing. It continued with pandemic migration patterns. Namely, individuals started moving out of the big cities to smaller towns with more space. An increase in remote work also plays a significant role in this shift in housing. While this trend is reversing and people are returning to the cities, housing prices in many smaller towns have already experienced significant increases.