Chicago residents relocating to this US city more than any other, study shows
CHICAGO - Homebuyers from Chicago are relocating to one U.S. city in particular more than others, according to a new study.
The Redfin study suggests that departing Chicago residents are heading to Cape Coral, Florida.
Additionally, the study found Las Vegas was the city that U.S. residents are relocating to the most, followed by Phoenix, Arizona; Tampa, Florida; and Orlando, Florida - where homes are significantly cheaper.
Redfin analyzed two million of its users looking for homes for sale in more than 100 metros in the U.S. between April and June 2023 to get the results.
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Redfin said this is the first time ever Las Vegas has topped its list.
"Buyers with the freedom and inclination to relocate are choosing Las Vegas largely because their money goes a long way there," the real estate website said in its study.
In Sin City, a typical home sells at $412,000.
According to Redfin, homebuyers are leaving expensive places in favor of areas with more affordable housing, which is made possible by remote work for many movers.
Here are the top 5 metros people are leaving:
- San Francisco, California
- New York, New York
- Los Angeles, California
- Washington D.C.
- Chicago, Illinois
Here are the top 5 metros people are moving into:
- Las Vegas, Nevada
- Phoenix, Arizona
- Tampa, Florida
- Orlando, Florida
- Sacramento, California
To read more on the study and its methodology, tap or click HERE.