A record number of homebuyers across the U.S. are looking to relocate, a trend that's likely to increase in 2022 as mortgage rates climb and rent prices skyrocket, according to Redfin.
Now, with mortgage rates and rent prices on the rise, Redfin chief economist Daryl Fairweather projected that an increasing share of homebuyers will look to move in 2022 as well.
"With mortgage rates going up and rents skyrocketing, moving somewhere more affordable is one of the only ways for many Americans to stay within their housing budget," Fairweather said. "Even workers who are unable to work from home should feel confident about finding a job in a new location with the tight labor market."
In January, Miami was once again the most popular destination of all U.S. metros to relocate to. The area was also the most popular spot for homebuyers in the second half of 2021, according to Redfin. The other top destinations to move to in January were Phoenix, Tampa, Sacramento and Las Vegas, which were all "relatively affordable.
In January, a typical home in Miami sold for $436,900, which is higher than the national median of $376,200. Comparatively, in New York, the median sale price last month was $655,000.
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