Despite a decade of rising home prices, Phoenix’s affordable housing market still makes it attractive compared to other major U.S. cities.
Among the leading cities drawing new residents due to the net difference between those desiring to relocate and those intending to depart, Phoenix secured a notable position, standing as the second most popular choice after Las Vegas, particularly among individuals seeking their preferred climate.
According to an article published by USA Today, a recent study by Redfin focused on the housing preferences of over 2 million people searching for homes from April to June 2023. The study found that those who experienced significant rainfall tended to favor dry climates, indicating a clear preferred climate for these homebuyers.
The study classified homebuyers as individuals who viewed more than 10 homes, including those located outside their current city, showcasing a willingness to relocate and find their preferred climate.
Among the top cities attracting new residents (based on the net difference between those wanting to move in and those wanting to move out), Phoenix ranked highly due to its preferred climate, coming in second after Las Vegas. The list exclusively featured cities with warm climates, catering to the preferred climate choices of individuals looking to make a move.
Interestingly, major metropolitan areas like San Francisco, New York, and Los Angeles saw more residents leaving than arriving. Despite a substantial increase in home prices over the past decade, Phoenix, with its comparatively affordable housing market, remains an attractive destination when compared to other large U.S. cities.
Cities with expensive housing markets, such as San Jose, San Francisco, and San Diego, showed much higher median home prices than Phoenix. This price difference, along with the appeal of better job prospects, a preferred climate, pleasant weather, and lifestyle, likely contributes to people’s inclination to move to Arizona.
Florida’s recent population growth has made it the fastest-growing state, with Orlando and Tampa ranking highly on the list of desirable cities.
According to an article published by Yahoo Finance, a significant portion of people looking at homes in Phoenix, with a preferred climate for warmth and sunshine, were from Seattle, even though Washington state didn’t top the list of relocation destinations.
Around 2% of homebuyers considering Phoenix, drawn to its preferred climate, came from other U.S. metropolitan areas.
Meanwhile, nearly 29% of local Phoenix residents searching for homes and a preferred climate were interested in moving away, with cities like Dallas, Nashville, and Miami being popular choices.
The top states sending new residents to the Phoenix area, attracted by its preferred climate, include California, Texas, Illinois, and Washington. Maricopa County experienced the most substantial influx of new residents in the country, helping to maintain the local housing market despite higher interest rates.
Overall, the study highlights the preferences of individuals seeking to relocate, particularly from cities with high housing costs and a different preferred climate.