Almost a Third of Americans Intend to Relocate

Almost a Third of Americans Intend to Relocate
As more Americans attempt to migrate to more inexpensive parts of the country, the number of property buyers planning to relocate has increased.

According to a recent consumer poll done by Redfin, almost one-third of home buyers (32%) wish to relocate, a recent peak. Economists predict that remote work rules, new career prospects and continued housing shortages will keep Americans on the move.

Expect the number of property purchasers wishing to relocate to a new place to continue to climb this year. As for mortgage rates rising and rents soaring, one of the few options for many Americans to keep within their housing budget is to move somewhere cheaper. With the tight labor market, even people who are unable to work from home should feel optimistic about obtaining work in a new place.

While mortgage rates climb, interested buyers may feel tempted to act sooner, rather than later. According to a separate consumer poll conducted by real estate tech firm OJO Labs, more than half of potential buyers are positive about buying a house within next three months.

Which regions are attracting far more attention from home buyers? According to Redfin’s data, Miami was by far the most preferred relocation destination among all major U.S. metro areas in January 2022, followed by Phoenix.

While Sun Belt towns like Miami and Phoenix are unlikely to lose their allure anytime in the near future, growing prices may make them less appealing to people interested in relocating in the coming months. Because of their popularity with out-of-towners, home prices—and the expenses of other products and services—are increasing in many of these places. Some purchasers who place a premium on cost may begin their search in far less costly northern locations.