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As a record amount of Los Angeles residents continue moving out of the city, a new Redfin study shows they’re flocking to two particular cities the most.
Droves of people migrated out of California during the pandemic, heading for more affordable locales. The places seeing the largest exoduses were coastal cities including San Francisco, Los Angeles, New York City, Boston, Washington D.C. and more, according to Redfin.
So, which cities are Angelenos now flocking to the most? Las Vegas and San Diego, according to Redfin data.
As mortgage rates and home prices continue skyrocketing, nearly one-quarter of homebuyers nationwide looked to move to a different metro area, marking a record high, Redfin reported.
Relocation numbers were boosted by remote working flexibility, something over one-third of American job-holders have access to, making relocating for lower home prices even more popular.
In Las Vegas, the median home price is $425,019, as of November 2022. In Los Angeles, the median price in October was $999,000, according to realtor.com. The average price for Los Angeles in November was also more than double that of Las Vegas at $954,270, according to Zillow.
Las Vegas offers a wealth of entertainment and dining options for big-city folk without the high cost of living, along with the lack of a state income tax.
San Diego’s median home price sits relatively close to Los Angeles at $950,415, although the city provides a different lifestyle, notably an escape from L.A.’s infamous traffic jams and fast-paced living.
Other top cities seeing a great influx of Angelenos include Phoenix, Arizona and Dallas, Texas, according to the study.
Those living in pricey San Francisco are choosing to move east to Sacramento, about 88 miles away from the city, said Redfin.
“The overall national trend remains the same: a steady uptick in the share of Redfin.com users looking to relocate over the last five years, with much of the increase occurring since the pandemic began,” says Redfin. “The most popular destinations are typically relatively affordable Sun Belt metros.”
Top 10 metros homebuyers are leaving, according to Redfin:
Net outflow = Number of Redfin.com home searchers looking to leave a metro area, minus the number of searchers looking to move in
| Rank | Metro* | Net Outflow | Portion of Local Users Searching Elsewhere | Top Destination | Top Out-of-State Destination |
|---|
| 1 | San Francisco, CA | 37,800 | 24% | Sacramento, CA | Seattle, WA |
| 2 | Los Angeles, CA | 33,600 | 20% | San Diego, CA | Las Vegas, NV |
| 3 | New York, NY | 23,600 | 27% | Miami, FL | Miami, FL |
| 4 | Washington, DC | 18,900 | 18% | Salisbury, MD | Salisbury, MD |
| 5 | Boston, MA | 9,300 | 19% | Portland, ME | Portland, ME |
| 6 | Chicago, IL | 5,700 | 16% | Milwaukee, WI | Milwaukee, WI |
| 7 | Detroit, MI | 4,600 | 32% | Cleveland, OH | Cleveland, OH |
| 8 | Denver, CO | 3,700 | 31% | Chicago, IL | Chicago, IL |
| 9 | Seattle, WA | 3,500 | 17% | Phoenix, AZ | Phoenix, AZ |
| 10 | Minneapolis, MN | 2,200 | 29% | Chicago, IL | Chicago, IL |
The full Redfin study on homebuying relocation trends can be found here.
As a seasoned real estate analyst with a deep understanding of housing market trends and relocation patterns, I can provide valuable insights into the dynamics outlined in the article. My expertise is rooted in extensive research, data analysis, and a comprehensive knowledge of the factors influencing people's decisions to move.
The Redfin study highlighted in the article underscores a significant trend: a mass exodus of Los Angeles residents seeking more affordable housing options, a phenomenon exacerbated by the challenges posed by the pandemic. This aligns with broader migration patterns observed across major metropolitan areas in the United States.
One key factor driving this migration is the skyrocketing mortgage rates and home prices, prompting nearly one-quarter of homebuyers nationwide to explore relocations. The evidence from Redfin suggests that remote work flexibility, accessible to over one-third of American job-holders, has played a pivotal role in making the idea of moving for lower home prices more attractive.
The data points to two primary destinations favored by Angelenos: Las Vegas and San Diego. These cities offer a compelling combination of lower housing costs, relative to Los Angeles, and an appealing lifestyle. In Las Vegas, the absence of a state income tax further enhances its attractiveness. The median home price in Las Vegas, as of November 2022, stands at $425,019, a stark contrast to Los Angeles' median price of $999,000 in October.
San Diego, with a median home price of $950,415, provides a more affordable alternative to Los Angeles while offering a different lifestyle, including an escape from notorious traffic congestion and a faster-paced urban environment.
The study also identifies other cities experiencing an influx of Angelenos, such as Phoenix, Arizona, and Dallas, Texas, reflecting a broader trend of movement toward relatively affordable Sun Belt metros.
Additionally, the article provides a comprehensive list of the top 10 metros that homebuyers are leaving, indicating the net outflow and the portion of local users searching elsewhere. Noteworthy destinations for those leaving pricey San Francisco include Sacramento and Seattle.
In conclusion, the trends highlighted in the Redfin study align with the broader national shift in relocation preferences, emphasizing affordability and lifestyle considerations. This information is crucial for anyone interested in understanding the evolving landscape of the U.S. housing market and the factors driving population movements.
