CNBC
July 25, 2022
From coast to coast, prospective homebuyers are on the hunt for affordability — even if it means leaving their city to find it.
A record number of potential U.S. homebuyers are seeking to relocate, according to a report published last week by real estate brokerage firm Redfin. The report ranked the cities Redfin users appeared most likely to try to leave — San Francisco, Los Angeles and New York topped the list.
“The typical home in San Francisco or San Jose now costs more than $1.5 million,” Taylor Marr, Redfin’s deputy chief economist, said in the report. “Add in today’s 5%-plus mortgage rates and you have a sky-high monthly payment.”