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IPFS News Link • Economy - Economics USA

Flight from big cities INCREASES despite end of pandemic with record numbers...


A record number of homebuyers are departing from coastal cities like Los Angeles and San Francisco for states like Florida as inflation surges and the housing market shows early signs of a slowdown. 

Redfin, a real-estate brokerage, released a report showing that 32.3 percent of users were looking to move to a different metropolitan area in the first quarter of 2022, up from 31.5 percent a year ago and 26 percent in 2019.

The company blames factors like skyrocketing home prices, rising mortgage rates and inflation - which hit a 41-year-high 8.5 percent in March - as families look to find a more affordable place to live. They also note that the ability to work remotely has given people more freedom to move. 

The analysis is based on a sample of about two million Redfin users who searched for homes across more than 100 metro areas in the first quarter, singling out what they deemed were serious buyers.

The top cities people are looking to leave, according to their data, are San Francisco, Los Angeles, New York, Washington DC and Seattle. 

Notably, three of the top six cities on the list of high inflows are in the state of Florida. 

Redfin suggests that 'sunny, relatively affordable' areas are often the most popular places to move, but that the searches for Florida's biggest cities have skyrocketed. Miami's at six times the number of searches for people to move than it was two years ago, while Tampa's numbers have tripled since before the pandemic.

Florida is an especially popular destination for people looking to leave both New York and Chicago.