More than one in 10 Americans moved in 2020.
Many of them are wealthy, they're buying houses fast and paying
a lot for them.
It's all contributing to the hottest markets since the housing
crisis in 2006.
No matter what kind of house, you're looking for the price
of a mid-range.
One of those likely went up by more than 20% in 2020.
We looked at data from Zillow Redfin,
the US Postal Service and you guessed it.
The Federal Reserve Bank of Cleveland and figured out which
places sell the most people.
Come the most people leave and which of these changes might
be permanent.
High-cost coastal cities, have been losing, more people to suburbs,
and smaller cities since about 2016.
The pandemic turbocharge that trend
The biggest losers have been New York,
San Francisco, Los Angeles, and Washington DC,
major cities that have to shut down bars restaurants
and stores.
Urban neighborhoods, lost, an average of 276000 people,
every month, from March to September.
According to one estimate, or a neighboring Town people going
from that New York to Hudson Valley or going from San Francisco
to Vallejo. For example, other time people are moving to a new
metro area. So think about San franciscans and me to Sacramento
or New Yorkers, moving to Philadelphia New York City law stating
that two hundred thousand people mostly from higher-income
neighborhoods, like the Upper West Side Tribeca and jump up.
And if that New Yorker didn't move Upstate,
they may have gone to Florida, which is now home to 64000 more
Big Apple transplants.
On the other side of the country California's population
dropped for the first time since its founding in 1850 by 180.
Mm.
Nearly 110,000 left Los Angeles alone, heading mostly to San
Diego. If they went out of state,
they likely left for Dallas.
Las Vegas or Phoenix, but the pandemic wasn't,
the only thing driving movement in 2020.
Immigration rates dropped across the country.
Mostly affecting major cities like New York and La the big winner.
The Sun Belt especially places like, Phoenix Arizona,
Austin Texas, and the number of cities in Florida,
these moves are already reflected in the rising housing. Prices
are running out of words to describe the market with its
Lightspeed is insanity, but it's seems to be in a healthy way.
Millennials are a big driver of this movement as they get older
and prepared to settle down right now.
There's five million more people aged 25 to 34.
Then there were 10 years ago,
That is that the kind of key Tipping Point Adrian,
when Americans go from being majority renters to majority
homeowners first, time buyers, but nearly one-third of all homes
sold in 2020.
If you moved there's a good chance,
your Millennial. But you also might just be rich places like
the Hamptons or on West Palm West Palm Beach or Aspen or Lake
Tahoe. Name a few of these really highly desired destinations
did see a huge increase in the vents.
I'm relative to a normal year.
There's a lot of pictures of reception,
10 to actually reduced mobility and reduce moved properties.
Don't usually get more expensive all time low in part because
the price of lumber hit an all-time high.
But in a less surprising category employs more than half of all.
Pandemic job losses came from Industries with low,
average wages that in turn could prevent those affected
from being able to buy a house.
People who are really driving the housing market right now,
probably going to see more renters, who aren't able to take
advantage of higher home value.
The city was considered the epicenter of the housing crisis
homes in the downtown area lost more than half of their value
and Arizona's foreclosure rate was second in the nation.
Dylan says, it's not the fastest appreciate it.
Major housing market and experts say it doesn't look like a bubble
this time, Arizona, and it keeps popping up as one of the most
frequent destinations for movers.
In America has often come from more expensive markets.
They bring higher budget with them which good price out.
Local buyers in places like Phoenix Austin or Las Vegas,
they're putting in tons of money as,
as an earnest deposit, they're waving appraisals inspections
Redfin. Estimate that Nationwide.
63% of people who bought a home,
place an offer without seeing the property in person.
I started looking, you know, going to these open houses if you
want this house, you've got to come in with an offer.
That's at least 20 to $50,000 more than what they're asking
and that just blew my mind.
I'm like, nope I'm out of here.
Goodbye Redfin says at least 25% of its users.
Look to move to a different metro area over the pandemic.
Let's say, you want to beat this market and head,
where homes are still affordable, beginning and value,
midsize cities like Chattanooga, Tennessee, Allentown,
Pennsylvania, and Winston-Salem, North Carolina have home values
Rising more than 30% per year, but they're still somewhere
affordable. The housing market shows no signs of slowing.
According to all the experts we spoke with,
and they wore in the long-term impact of pandemic movement
will depend largely on how long people can work from home.
There is potential for not turning in Columbus in to Boomtown,
but at least offsetting some of that Geographic qualities
that has been kind of set in place over the last couple decades.
But some movers are already showing buyer's.
Remorse nearly two-thirds of Millennials.
Say, they regret buying their current homes.
They are among the many asking themselves.
Should I head back to the city?