New York City homebuyers eyeing Boston for a move

by Kasey Chronis

It might come as no surprise that New York City ranks as the top metro area for outward migration, and many of them are setting their sights on Boston, according to a new Redfin report.

The report, which analyzed the migration patterns of Redfin users across 87 U.S. cities, noted that in Q3, New York of 48,175 residents, and their top destination was Boston.

Meanwhile, Boston many residents are looking to move to and showing up in smaller and mid-sized cities, according to the report.

El Paso, Texas was fifth for places that have become more popular with the pandemic, and one Redfin agent said he’s seeing new faces from across the country — Boston included.

“El Paso is always a transient town because we have such a large military presence, but I’ve seen a big increase in buyers coming in from places like California, Washington State, Boston and Washington, D.C. this year,” said Redfin real estate agent Marisa Frias in the press release. “When the pandemic hit, people from out of town started exploring and inquiring about El Paso because they’re looking for a relaxed, tranquil lifestyle in a warm climate, and it doesn’t hurt that the area is so affordable compared to other parts of the country.”

Image via Redfin

“Remote work has opened up a whole new world of possibilities when it comes to buying a home,” said Redfin chief economist Daryl Fairweather. “Many residents of expensive areas like New York or Los Angeles couldn’t manage to afford rent and save for a home at the same time. So it’s no wonder that these folks are looking to buy homes in much more affordable places like Louisville and Little Rock.”

For more on the report, click here.

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