House-hunting clients? Look here for suggestions
Staggering housing prices and steep tax rates are pushing people from expensive cities along the coasts to more affordable locales.
Data from the second quarter of 2018 showed inhabitants of Los Angeles, San Francisco and New York fleeing their cities in search of more economical places to live, according to a Redfin analysis of Census Bureau data.
“With home prices reaching new heights in many metro areas, it’s no surprise people are continuing to move away from expensive metros in search of homeownership,” Redfin Senior Economist Taylor Marr said in a statement. “Last year’s tax reform poured fuel on the fire. By capping mortgage interest and state and local tax deductions, there is an even greater incentive for homebuyers to consider moving to a lower-tax state.”
Advisors with clients looking to buy a home might want to take a look at the cities with the most out-of-town home shoppers.
The data is based on a sample of more than 1 million Redfin users searching for homes across 75 metro areas during the second quarter. The rankings are derived by comparing the number of out-of-towners searching in a metro area, minus local shoppers searching in other cities.