(The Center Square) – According to a new report from Redfin, homeowners are fleeing high cost coastal California cities such as San Francisco and Los Angeles in droves, searching for more affordable housing.
San Francisco, Los Angeles, and San Diego experienced net outmigration of homebuyers of 25,700, 23,500, and 2,100 respectively, placing as the number one, three, and ten metropolitan areas for outmigration in October of 2023. The top destination for San Francisco residents is Sacramento, which received a net inflow of 5,000 homebuyers in October, while, the top destination for Los Angeles residents is Las Vegas, which received a net inflow of 4,000 homebuyers for the month.
As the cost of housing increases in California and individuals are looking to purchase homes to raise their families in, roughly one in four homebuyers are searching for homes outside their home metropolitan areas to move to.
Notably, Nashville rose to enter one of the top ten markets for homebuyers that month, with Los Angeles as the top origin for its homebuyers.
“A lot of Nashville locals have been priced out of homeownership, but when you’re coming from somewhere like California or New York, housing prices here still seem reasonable,” said Redfin real estate agent Kristin Sanchez. “Nashville has relatively low property taxes, insurance costs and utility prices, along with no state income tax, all of which definitely help if you’re looking for a lower cost of living.”
In October, the typical home in Nashville sold for $448,910, or roughly half the cost of the typical Los Angeles home, which sold for $880,000.