The size of the house you can buy has a lot to do with where you’re buying. A 1,500-square-foot home will have a much different price tag in New York than it would in St. Louis.
Though this is obvious to most potential homebuyers, we don’t always have a choice in where we live. Whether it’s a job or family and friends, we’re often tied to the places we call home for reasons that go beyond affordability.
For those of us who can leave town, where are the most popular cities to go? According to one recent analysis by Redfin, some cities have a higher rate of interest from out-of-town buyers than others. Places like Tampa, Las Vegas, Atlanta, Phoenix, Sacramento, Miami, and Boston are pulling in a larger share of the 25 percent of buyers who are looking to move to a new metro.
After all, the number of people who are willing and able to move far from home is relatively small. Whatever their reasons, buyers who look at neighborhoods and locations outside their immediate search area – even if just a few miles away – can often find more affordable options that suit their needs and lifestyle.