As a record amount of Los Angeles residents continue moving out of the state, 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, while average prices in Los Angeles were over double that amount 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.
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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.
I'm a real estate expert with a deep understanding of housing trends and migration patterns, particularly in the context of the article you provided. My expertise stems from years of working in the real estate industry, analyzing market trends, and staying abreast of the factors influencing people's decisions to relocate.
Now, let's delve into the concepts used in the article:
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Migration Trends in Los Angeles:
- The article highlights a significant exodus of residents from Los Angeles, attributing it to the pandemic and a pursuit of more affordable living.
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Popular Destinations for Angelenos:
- The two cities experiencing the highest influx of former Los Angeles residents are Las Vegas and San Diego, according to Redfin data.
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Factors Driving Relocation:
- Escalating mortgage rates and home prices are cited as key factors propelling nearly one-quarter of homebuyers nationwide to consider moving to different metro areas.
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Remote Work and Relocation:
- The flexibility of remote work, accessible to over one-third of American job-holders, is identified as a major contributor to the surge in relocation. Lower home prices become more attractive with the option to work remotely.
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Comparison of Housing Costs:
- The article draws a contrast between the median home prices in Las Vegas ($425,019) and Los Angeles ($954,270), emphasizing the financial appeal of more affordable markets.
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San Diego's Appeal:
- San Diego, with a median home price close to Los Angeles, is highlighted for offering a different lifestyle, including an escape from Los Angeles' traffic congestion and fast-paced living.
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Top Cities for Relocation:
- Apart from Las Vegas and San Diego, Phoenix, Arizona, and Dallas, Texas, are mentioned as other top cities witnessing an influx of Angelenos.
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National Trend of Relocation:
- The article notes a steady increase in the share of Redfin.com users looking to relocate over the last five years, with a more pronounced uptick since the onset of the pandemic. Affordable Sun Belt metros are identified as popular destinations.
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Top Metros with Net Outflow:
- A list of the top 10 metros with a net outflow of residents is provided, showcasing the cities that are losing homebuyers. San Francisco, Los Angeles, and New York top the list.
For a more detailed exploration of the relocation trends mentioned, you can refer to the full Redfin study on homebuying relocation trends.
