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As inflation and costs rise, high-cost areas may grow less attractive. As remote work trends and job listings both stay strong, more Americans are looking to more affordable areas to lower their costs.
Thirty-two percent of consumers surveyed by Redfin said they considered moving away from their hometown in the first quarter, a record high for the survey.
For example, residents in high-priced coastal tech hubs showed the most desire among surveyed consumers to relocate. Many respondents said they could do so with their job being remote.
“I’ve worked with many home sellers recently who are moving to a completely new area,” says Nicole McCormick, a Seattle Redfin real estate professional. “A lot of them are remote workers—or people who feel confident they’ll be able to get a new job—leaving for sunnier places where they can get more home for their money, like Phoenix or Sacramento. There’s also a pattern of selling and moving to the San Juan Islands, located a few hours away from Seattle. Those people are trading the city for a more rural, outdoorsy lifestyle—but homes are just as expensive.”
