Angelenos are migrating to San Diego and San Antonio at higher rates than a year earlier as folks living in the large metro are seeking to stretch their dollar farther elsewhere, according to data from Redfin.
Out-of-state migrators heading to San Diego are most commonly from Seattle.
San Diego made RedFin's top 10 popular migration destinations during 2022's second quarter, Redfin reported. For both the first and second quarter, Miami has taken the top spot for the most popular migration destination, followed by another Florida city, Tampa; then Phoenix; Sacramento; Las Vegas; Cape Coral, FL; San Diego; North Port, FL; San Antonio; and Dallas coming in last.
Redfin's List of Top 10 Popular Migration Destinations in 2022:
- Miami, FL
- Tampa, FL
- Phoenix, AZ
- Sacramento, CA
- Las Vegas, NV
- Cape Coral, FL
- San Diego, CA
- North Port, FL
- San Antonio, TX
- Dallas, TX
Redfin measures migration popularity based off something they call net inflow, which is the increase of Redfin.com users looking to move into an area versus leaving it.
Compared to one year ago, even more homebuyers are moving away from expensive metropolitan cities as permanent remote work becomes more common. San Diego is first choice for those moving out of Los Angeles and wishing to stay in California. Phoenix is the top spot for Angelenos looking to relocate out-of-state.
The pandemic pushed the housing market into a low-supply, high-buy battlefield and now, home sales have fallen, allowing supply to begin rising again. We have rising mortgage rates, high home prices, inflation and a wavering economy to thank for a calmer housing market.
Those who can still buy homes are increasingly relocating, mainly because swelling housing costs in expensive metros are still unaffordable for even those who can afford to buy.
Extremely high home prices, 5%-plus mortgage rates with high monthly payments, plus the ubiquity of working remotely are all factors spurring many buyers to purchase homes in other parts of the country where their money could buy more, according to Redfin Deputy Chief Economist Taylor Marr.