Top 3 Cities People Are Fleeing — And Top 3 They Are Moving To

Following the real estate market over the last few years is bound to give anyone whiplash. It has been a wild ride with many unpredictable twists and turns. While things are still settling from the shake-up the pandemic caused to home prices and mortgage rates , migration trends are emerging. During COVID-19, the rise of remote work created opportunities to leave big cities for more budget-friendly locations and spacious communities.

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Although more people are returning to the office or working a hybrid schedule, the August 2024 United States Housing Market report from Re dfin revealed that people are still swapping large metropolises in favor of more affordable and less populated areas .

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Top 3 Cities People Are Fleeing

The top three cities lost a total of nearly 90,000 residents from June through August. Redfin calculated the figures by measuring how many more people looked to leave an area than looked to move into it.

Los Angeles

• 35,700 people left Los Angeles between June and August.
• 21% of Los Angeles homebuyers looked for homes outside the city, while 79% searched for homes within the metro area.

The cost of living has never been cheap in Los Angeles, which could be one factor the city tops the list of places people are moving from. The average home value is $941,784, up 3.6% over the past year, according to Zillow, but it isn’t just pricey housing. Everything is much more expensive, per RentCafe, which noted Los Angeles living costs are 8% higher than the state average and 50% higher than the national average.

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New York City

• 30,700 people left New York City between June and August.
• 31% of New York City homebuyers looked for homes out of the city, whereas 69% searched for homes within the metro area.

Known for its vibrant neighborhoods, diverse food scene and a plethora of things to do, New York City, also known for being high-priced, took second place among cities people are leaving in droves.

The average home value is $755,137, up 1.3% over the past year, per Zillow. New Yorkers spend 41% more on living costs compared to the state average and 77% more than the national average, according to RentCafe.

San Francisco

• 23,400 people fled San Francisco between June and August.
• 23% of homebuyers in San Francisco looked to leave the city, and 77% searched for homes within the metro area.

San Franciscans have plenty of reasons to love where they live, including stunning views, unique culture and iconic landmarks to soak up. Plus, the city has top-rated restaurants, making it a great spot for foodies. But it’s also a place people are moving away from.

San Francisco living costs are 23% higher than the state average and 71% higher than the national average, per RentCafe. The average home value is $1,258,701, according to Zillow.

Top 3 Cities People Are Moving To

These cities saw a total net population increase of 15,600 between June and August, according to Redfin. Redfin calculated the figures by measuring how many more people looked to move into an area than looked to leave it.

Sacramento

• 6,800 people moved to Sacramento between June and August.
• San Francisco was the largest feeder city by far, followed by Los Angeles and Fresno, California.

Sacramento is the top city people are moving to. The city is close to desirable day trips like Lake Tahoe and Napa Valley, and it’s also affordable. The cost of living is 14% less than the state average, per RentCafe, with the average home value at  $479,880, according to Zillow.

Sarasota

• 4,400 people moved to Sarasota between June and August.
• New York City was the largest feeder city, followed by Chicago and Miami.

No state income tax, sunny warm weather, gorgeous beaches and lively nightlife are just some of the appealing things about moving to Sarasota. The Florida beach city is the second-most-popular place people are relocating to.

While the cost of living is 6% higher than the state average, per RentCafe, the average home value is $456,779, making it an attractive area to plant roots for many.

Myrtle Beach

• 4,400 people moved to Myrtle Beach between June and August.
• Washington, D.C., is Myrtle Beach’s largest feeder city, followed by New York City and Boston.

Spanning 60 miles along South Carolina’s striking shores, Myrtle Beach has always been a tourist hotspot, but it also has become one of the go-to places for people leaving big cities. Besides the famous boardwalk, great dining options and endless things to do, Myrtle Beach’s cost is 7% cheaper than the national average, per RentCafe. And with the average home value at $307,356, Myrtle Beach is an affordable beachy paradise for many.

This article originally appeared on GOBankingRates.com : Top 3 Cities People Are Fleeing — And Top 3 They Are Moving To