{"id":505299,"date":"2022-10-31T22:21:47","date_gmt":"2022-10-31T19:21:47","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/inflation-drives-homebuyers-to-target-these-more-affordable-cities\/"},"modified":"2022-10-31T22:21:47","modified_gmt":"2022-10-31T19:21:47","slug":"inflation-drives-homebuyers-to-target-these-more-affordable-cities","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/inflation-drives-homebuyers-to-target-these-more-affordable-cities\/","title":{"rendered":"#Inflation drives homebuyers to target these more affordable cities"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a400c0b3d681\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a400c0b3d681\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/inflation-drives-homebuyers-to-target-these-more-affordable-cities\/#%E2%80%9CInflation_drives_homebuyers_to_target_these_more_affordable_cities%E2%80%9D\" >&#8220;Inflation drives homebuyers to target these more affordable cities&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CInflation_drives_homebuyers_to_target_these_more_affordable_cities%E2%80%9D\"><\/span>&#8220;Inflation drives homebuyers to target these more affordable cities&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Decades-high inflation is driving many prospective homebuyers to consider a move to cities deemed to be more affordable, according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.redfin.com\/news\/housing-migration-trends-q3-2022\/\">data released by real estate firm Redfin<\/a> on Monday.<\/p>\n<p>Surging mortgage rates have crimped buying demand in the US housing market. But among homebuyers still looking to make a move during the third quarter, a record 24.2% were eyeing homes in a different metro area,<\/p>\n<p>The top destination for potential movers was Sacramento, Calif., according to Redfin\u2019s data. Miami, ranked second on the list, followed by Las Vegas. Of the top 10 most popular metro markets, nine had a more affordable <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>n home price than the homebuyers\u2019 city of origin.<\/p>\n<p>\u201cWith a recession looming and household expenses high, many people can\u2019t 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,\u201d said Redfin Economics Research Lead Chen Zhao.<\/p>\n<p>Inflation hit 8.2% in September, much higher than the Federal Reserve\u2019s 2% target. The Fed has implemented a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of sharp interest rate hikes in an effort to bring prices lower \u2013 and prompted an ongoing correction in the housing market in the process.<\/p>\n<p>Redfin noted that Sacramento\u2019s median home sale price is $560,000 median \u2013 roughly one-third the $1.5 million price tag of homes in San Francisco, the top origin city of its homebuyers.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/sacramento.jpg?w=1024\" alt=\"Sacramento\" class=\"wp-image-24469740\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/sacramento.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/sacramento.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/sacramento.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Sacramento was a popular potential destination for homebuyers looking for a cheaper city.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>Similarly, Miami\u2019s median sale price of $475,000 was much lower than that of its top origin city, New York, where homes cost $680,000.<\/p>\n<p>Redfin\u2019s data also showed an ongoing trend of homeowners looking to leave major cities, where inflation has driven the steep cost of living even higher and added to the financial pain for residents.<\/p>\n<p>During the third quarter, homeowners were looking to leave San Francisco, Los Angeles and New York more than any other cities, the firm said.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/miami.jpg?w=1024\" alt=\"Miami\" class=\"wp-image-24469738\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/miami.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/miami.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/miami.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Miami\u2019s top origin city was New York.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/las-vegas.jpg?w=1024\" alt=\"Las Vegas\" class=\"wp-image-24469737\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/las-vegas.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/las-vegas.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/las-vegas.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Inflation is still running above 8%.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>Redfin conducted its analysis based on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately two million online users who viewed home listings across more than 100 metro areas during the three-month period.\u00a0Viewers were considered potential movers if they viewed at least 10 home listings, with at least one based outside their current home city.<\/p>\n<p>Home values are already falling in many markets as sellers adjust their asking prices to account for higher mortgage rates. The average 30-year fixed-rate mortgage surpassed 7% last week \u2013 a trend that has pushed many buyers to the sidelines until conditions improve.<\/p>\n<p>Redfin noted the pace of relocations, even to more affordable destinations, is likely to decline as the housing market cools.<\/p>\n<p>\u201cMigration will likely slow in the coming months because the softening labor market and\u00a0job losses\u00a0will push more people to stay put or move in with family, though some may need to relocate for new employment opportunities. Plus, many remote workers who wanted to relocate already have,\u201d Zhao added.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/10\/31\/inflation-drives-homebuyers-to-target-these-more-affordable-cities\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Inflation drives homebuyers to target these more affordable cities&#8221; Decades-high inflation is driving many prospective homebuyers to consider a move to cities deemed to be more affordable, according to data released by real estate firm Redfin on Monday. Surging mortgage rates have crimped buying demand in the US housing market. But among homebuyers still looking&#8230;<\/p>\n","protected":false},"author":1,"featured_media":505300,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/sacramento.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[134877,5069,12156,70551,87723,91261,77579],"class_list":["post-505299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10-31-22","tag-economy","tag-housing","tag-inflation","tag-mortgages","tag-recession","tag-residential-real-estate"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/505299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=505299"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/505299\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/505300"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=505299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=505299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=505299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}