A new study from real estate brokerage site Redfin shows that Angelenos are enticed by cheaper prices in these two metropolitan areas.
Rising mortgage rates and persistently high home prices are causing residents of Los Angeles and other major cities to search for homes in cheaper metro areas.
For Angelenos in particular, Las Vegas and San Diego have emerged as the two premier spots for people looking to purchase a home in a different city, according to aThe real estate brokerage site found that a “net inflow” of 7,000 Los Angeles-based home buyers were looking to purchase property in Las Vegas, while 6,800 were looking to buy in San Diego, according to the study.
“With a recession looming and household expenses high, many people can’t afford to buy a home in an expensive area and/or want to save money in case of an emergency, which makes relocating somewhere more affordable an attractive option,” said Redfin Economics Research Lead Chen Zhao.San Francisco saw the largest possible departure numbers, with a net outflow of 37,800. Los Angeles came next with 33,600, followed by New York; Washington, D.C.; and Boston.
. “They’re mostly remote workers coming from the Bay Area who may need to commute to the office a few times a month but are saving significantly on housing costs. The study also noted that rising work from home setups since the pandemic have made it easier for people to look for homes in different metro areas.
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