Tuesday 1 November 2022 04:25 PM More than 20% of residents in NYC, San Fran and LA looked for homes in ... trends now

More than 20 percent of homebuyers living in New York City, San Francisco and Los Angeles are looking to escape the Dem-led, crime-ridden cities. 

A new Redfin migration report shows that about 9,072 homebuyers in San Francisco are looking to move to either Sacramento, California, and Seattle. 

In LA, about 6,720 homebuyer are looking for homes in San Diego and Las Vegas, and in New York City, 6,372 home shoppers hope to ditch the Big Apple for Miami. 

The Dem-led cities, which have all seen a spike in violent crime this year, are leading the latest exodus as Redfin reports nearly 24 percent of homebuyers in the US are looking to leave big cities amid the cost of living crisis.  

The report also shows that Sacramento enjoyed the most new residents moving in during the third fiscal quarter, gaining about 8,700 new homeowners.

Miami followed with a net inflow of 8,000 people, with Las Vegas coming in third with 7,000 new homeowners. 

The latest report backs up the findings from the American Housing Survey, which found that Dem-led cities made up the majority of the top 15 metropolitans areas residents were moving away from. 

With mortgage rates surpassing 7 percent last week, Redfin Economics Research Lead Chen Zhao said many Americans are shopping for homes with inflation and recession on their minds. 

'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. 

San Francisco's exodus serves as a key example, where the median house price in the Golden City currently sitting at $1.5 million, while Sacramento enjoys a median house price of $560,000. 

Sacramento real estate agent Samantha Rahman, said that the city's popularity is evident as more than half of her clients are from outside the city. 

'They're mostly remote workers coming from the Bay Area who may need to commute to the office a few times a month but are saving significantly on housing costs,' Rahman noted .  

'It makes even more sense to relocate to a more affordable region now than it did when mortgage rates were low, as lower-priced homes offset some of the expense of high rates and rack up less interest.'

The same pattern can be seen with the LA residents moving out to Las Vegas, where the median housing price is about $404,000, less than half of LA's. 

And the residents who fled New York, where a home typically goes for $680,000, are also seeing big savings in Miami, where the median housing price is $475,000. 

In Redfin's latest migration trend report, along with San Francisco, LA, and NYC, the other cities losing out on residents were Washington D.C., Boston, Chicago, Detroit, Denver, Seattle and Minneapolis.

The other cities gaining the most residents include San Diego, Tampa, Phoenix, Cape Coral, Florida; North Port, Florida; Dallas and Portland, Maine.

Zhao noted that the surge of people moving out of the big cities will likely come to an end soon once the forecasted recession hits.  

'Migration will likely slow in the coming months because the softening labor market and job loses will push more people to stay put or move in with family, though some may need to relocate for new employment opportunities,' he said. 'Plus, many remote workers who wanted to relocate already have.'

Coupled with the high cost of living, as inflation remains stubbornly high at 8.2 percent, the three cities losing out on the most homebuyers are also experiencing a surge in violent crime. 

Major crimes in San Francisco are up 7.4 percent so far this year from the same period in

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