Based on home searches, more people are looking to flee high-tax cities.
Builder
In the second quarter of 2018 people in expensive, high-tax coastal markets including San Francisco, New York, Los Angeles and Washington, D.C. searched for homes in metros like Phoenix, Las Vegas and Miami, where taxes are lower and housing is more affordable, according to the latest Migration Report. The analysis is based on a sample of more than 1 million Redfin.com users who searched for homes across 80 metro areas from April to June.
Nationally, 24% of Redfin.com home searchers looked to move to another metro area in the second quarter, compared to 21% during the same period last year. According to Census survey data, housing-related reasons are the primary reason households relocate to another county, which in today’s market typically means affordability.
High taxes is likely playing some role in the movement of people from California into the Phoenix-Area, but what is likely playing an even larger role is the growing number or jobs being created- about 60K year over year, per the latest Bureau of Labor Statistics’ data- and rising wages. Lower-priced housing and taxes makes the decision to move to Phoenix a lot easier for new job-seekers.
