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Redfin Migration Report: Phoenix is the Top Destination, Particularly among Los Angelenos and People Looking to Leave Other Expensive, High-Tax Metros

May 8, 2019

Redfin Migration Report: Phoenix is the Top Destination, Particularly among Los Angelenos and People Looking to Leave Other Expensive, High-Tax Metros

May 6, 2019 | Tim Ellis | Blue Vault

Twenty-five percent of Redfin.com home searchers looked to move to another metro area in the first quarter of 2019, compared to 23 percent during the same period last year. The national share of home-searchers looking to relocate currently sits at its highest level on record, tied with the fourth quarter of 2018. The latest migration analysis is based on a sample of more than 1 million Redfin.com users who searched for homes across 87 metro areas from January through March.

“People are feeling more confident about the economy and now feel financially secure enough to make a cross-country move to a metro where their money will go further,” said Redfin chief economist Daryl Fairweather. “Homeownership may be out of reach for current residents of San Francisco or New York, but there are plenty of affordable homes and lower taxes in places like Phoenix, Atlanta and Austin. As more workers move to these places, there is a chicken and egg phenomenon where more companies open offices, which attracts even more workers.”

Phoenix re-took the number one spot on the list of metro areas, beating out Sacramento with the highest net inflow of Redfin users in the first quarter. A net inflow means more people are looking to move in than leave, while a net outflow means there are more people looking to leave than people looking to move in.

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Gil Armour, CFP
February 3, 2016

I have been using Blue Vault Partners for the past five years.  I have found them to be a valuable, unbiased resource when it comes to evaluating and comparing non-traded REITs.  The reports help me analyze which sponsors are doing a responsible job of managing their offerings.  This allows me to limit my REIT recommendations to only the most competitive products, and then track those REITs throughout their life cycle.