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A record share of home buyers is moving from one part of the country to another. The pandemic has spawned a desire to relocate in search of new opportunities—and possibly even greater housing affordability.
A new survey of Redfin.com users found that 32.3% planned to relocate in January and February, up from 26% in 2019 prior to the pandemic. The migration analysis is based on a sample of about 2 million Redfin.com users who searched for homes across 111 metro areas and who viewed at least 10 homes in a particular metro area.
The growth of remote work is allowing more Americans to move. Some buyers may be priced out of their local markets and are in search of more affordable markets, Redfin researchers said. High-priced coastal areas tended to have the largest net outflow of Americans leaving. Those who left were typically moving to more affordable regions of the country.
Buyers also appear to be drawn to warmer locations. Miami was the most popular destination for home buyers looking to relocate in January and February, followed by Phoenix and Tampa, Fla.
