Homebuyers Fleeing Big Cities Due to High Inflation and RatesAmy Furr 31 Oct 2022
Homebuyers are trying to escape big cities as inflation and rates in President Joe Biden’s (D) America hurt citizens financially.
“More homebuyers looked to leave San Francisco than any other major metro, followed by Los Angeles, New York, Washington, D.C. and Boston. That’s determined by net outflow, a measure of how many more Redfin.com users looked to leave an area than move in,” the company reported Monday.
Many people leaving New York have their sights set on Miami because of its warm climate and less expensive housing.
“And buyers looking to depart Boston are flocking to Portland, ME, where the typical home costs roughly $200,000 less,” the Redfin article said.
In addition to inflation, skyrocketing mortgage rates and the struggling economy continued frightening homebuyers, the company reported Saturday.
“Pending home sales fell 35%, the largest annual decline and the fewest homes under contract in any October since at least 2015,” its social media post read:
https://twitter.com/Redfin/status/1586402552161107969more
https://www.breitbart.com/economy/2022/10/31/homebuyers-fleeing-big-cities-due-high-inflation-rates/