People Are Abandoning These 10 Big Cities: Here’s Where They’re Moving – Money Talks News

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When home sweet home starts to turn sour, its time to pull up stakes and look for more promising places.

During the second quarter of this year, a large number of residents in some of the nations biggest cities threw in the towel and decided to leave, Redfin reports.

Its likely that high housing costs were a factor for a large number of these departing citizens. According to Redfin:

The housing market has slowed following a pandemic-driven buying frenzy, with home sales falling and supply starting to rise due to rising mortgage rates, high home prices, inflation and a faltering economy. But the people who can still afford to buy continue to relocate at unprecedented levels, largely because surging housing costs are putting expensive metros further out of reach.

Following are the big cities that Redfin users are abandoning in droves and where they are headed.

Metros net outflow of residents in the:

Housing costs are through the roof in the Golden Gate City, as they have been for many years. So, its no wonder that people are leaving, even if San Francisco is arguably one of the most beautiful cities in the U.S.

Redfin says that among those leaving the Bay Area, Sacramento is the top destination.

Metros net outflow of residents in the:

An exodus from the City of Angels that began last year has accelerated in 2022. Departing residents gravitate toward San Diego most commonly.

In fact, California as a state has lost some of its luster. Population growth has stalled since 2017, leading to the loss of a U.S. congressional seat the first time that has happened in the states 170-year history.

Metros net outflow of residents in the:

New Yorkers fleeing NYC are not staying in the Empire State. Overwhelmingly, they are headed to Philadelphia, Redfin says.

But there may be a glimmer of hope for the Big Apple: Unlike in San Francisco and Los Angeles, the exodus from New York City appears to have slowed significantly.

Here are the other top-10 cities for net outflow of residents during the second quarter, and the destinations they most commonly moved to:

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People Are Abandoning These 10 Big Cities: Here's Where They're Moving - Money Talks News