Manhattan's average monthly rent surges to $5,588
If you're looking for relief in other boroughs, you'll find a little but not much.
LEARN MOREPosted: 2:56 p.m. EDT Aug 10, 2023
A trend is emerging among Americans who are actively seeking a fresh start.
Recent findings from a report published by the real estate company Redfin reveal that 25.5% of prospective home buyers are looking into relocation to a different city, an increase from approximately 23% compared to last year and around 19% prior to the onset of the pandemic.
The top 10 cities that are scoring big with newcomers are Las Vegas, Phoenix, Tampa, Orlando, Sacramento, North Port-Sarasota, Cape Coral, Dallas, Miami and Houston.
Despite the heat, Las Vegas and Phoenix are the most popular destinations for relocation because they are more affordable to live in.
The median home price in Las Vegas stands at $412,200, which is less than half of the median home price in Los Angeles of $975,000, the report reads. Phoenix median home prices are $440,000, which is 4.3% lower than last year.
Because of the cost of living, several cities are experiencing a decline in population.
San Francisco, New York, Los Angeles, Washington, D.C., Chicago, Boston, Hartford, Denver, Detroit and Seattle are prominently featured on the list of cities witnessing the most significant population outflows.
The highest median home sale price in the country is in San Francisco, exceeding $1.4 million, followed by Los Angeles at $975,000 and New York at $800,000.
Redfin's report comprises the activity of approximately 2 million users on Redfin.com who searched listed homes online across over 100 metropolitan areas between April 2023 and June 2023.
