More than 20% of homebuyers in Dem-led NYC, LA, and SF looking to move to new cities, study shows 

More than 20% of homebuyers living in New York City, Los Angeles, and San Francisco, are looking to escape these democratic-led cities, according to a new study. 

The Redfin migration report shows that around 6,720 homebuyers in Los Angeles are looking to move to San Diego and Las Vegas, while around 9,702 homebuyers in San Francisco are setting their eyes toward Sacramento and Seattle. 

Similarly, New York homebuyers are leaving behind the big apple and headed to the warmer weather in Miami. 

San Francisco, Los Angeles, and New York are leading the latest exodus of homebuyers as they look for cities with lower costs of living and less crime. 

The report also showed that Sacramento was the city with the newest residents moving in during the third fiscal quarter, with around 8,700 new homeowners choosing California’s capital as their new home. Miami followed close behind with an inflow of 8,000 people and Las Vegas with 7,000 new residents.

Other cities that also lost residents include Washington, D.C., Boston, Chicago, Detroit, Denver, Seattle, and Minneapolis. Meanwhile, San Diego, Tampa, Phoenix, Cape Coral, Florida, North Port, Florida, Dallas, and Portland, Maine saw an increase in homebuyers. 

Redfin Economics Research Lead Chen Zhao said that many Americans are looking for new homes thinking about inflation and recession. 

“With a recession looming and household expenses high, many people can't afford to buy a home in an expensive area and/or want to save money in case of an emergency, which makes relocating somewhere more affordable an attractive option,” Zhao said. 

Redfin’s analysis is based on close to 2 million Redfin.com users who viewed homes that were for sale across more than 100 metro areas in the third quarter of 2022.