As mortgage rates continue to climb in expensive coastal cities, more and more people are migrating to affordable markets, according the latest data collected from Redfin.
According to Redfin’s latest migration analysis, in the third quarter of 2018 people continued to relocate from costly coastal markets like San Francisco, New York, Los Angeles and Washington, D.C. Now, cities like Atlanta, Phoenix and Sacramento are enticing thousands of potential new buyers due to their affordability.
The migration report utilized data from Redfin’s website, gathering information from more than 1 million users who searched for homes across 80 metros, ranging from July through September.
The report revealed that across the country, 25% of home searchers looked to move to a new non-coastal metro in Q3, citing affordability as a driving factor.
“Rising mortgage rates are exacerbating affordability issues that have been driving people out of expensive coastal metros for the past few years,” Redfin Chief Economist Daryl Fairweather said. “With rates no longer near historic lows,…