An influx of out-of-towners with big budgets is contributing to the rise in home prices in popular migration destinations, pricing out many local buyers, according to a new report
An influx of out-of-towners with big budgets is contributing to the rise in home prices in popular migration destinations, pricing out many local buyers, according to a new The average out-of-towner moving to Nashville in 2021 had $736,900 to spend on a home, 28.5% higher than the $573,400 average budget for local buyers. The report cited Nashville as having the biggest budget gap among the cities included in its analysis.
Next comes Philadelphia, with an average out-of-town budget of $559,200—28.4% higher than the average local budget. It’s followed by New York City, where the average out-of-towner had a 26.5% higher budget than the average local resident, and Atlanta, where migrants had a 26.1% bigger budget. Miami rounds out the top five, with an average out-of-town budget 25.1% higher than that of locals. Out-of-towners have higher budgets than locals in 42 of the 49 cities included in Redfin’s report.
The upswing in people moving from one area to another since the start of the pandemic is due partly to remote workers moving to relatively affordable areas in search of larger homes with more outdoor space. Out-of-towners frequently have bigger budgets than local residents because they may come from a place with higher salaries, and/or they may have sold a home in a more expensive city.
That’s good news for people moving from a place with sky-high home prices like coastal California to an area that’s still comparatively affordable, like Nashville or Atlanta. For instance, the typical home in Los Angeles—the most common origin of people moving to Nashville—sold for $950,000 in December, versus $411,000 in Nashville. The typical home in New York City —the most common origin of people moving to Atlanta and Miami—sold for $785,000, versus $385,000 in Atlanta and $459,000 in Miami.
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