{"id":2858,"date":"2022-02-15T19:08:16","date_gmt":"2022-02-15T19:08:16","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2022\/02\/15\/out-of-town-buyers-have-larger-budgets-than-locals\/"},"modified":"2025-03-13T02:40:20","modified_gmt":"2025-03-13T02:40:20","slug":"out-of-town-buyers-have-larger-budgets-than-locals","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2022\/02\/15\/out-of-town-buyers-have-larger-budgets-than-locals\/","title":{"rendered":"Out-of-town buyers have larger budgets than locals\ufffc"},"content":{"rendered":"\n

Out of town buyers have more to spend on homes than local buyers in 42 of 49 cities analyzed by Redfin<\/strong>, according to a report<\/a> released Tuesday.<\/p>\n\n\n\n

The analysis reviewed average maximum list-price filters for homes set by Redfin.com<\/a> users in their saved home searches and it included cities in the U.S. with at least 3,000 Redfin.com home searchers from inside the metro and 3,000 from outside the metro last year. <\/p>\n\n\n\n

In many relocation hotspots across the country, such as Atlanta and Miami \u2013 which frequently appear on Redfin\u2019s list of top 10 most popular migration destinations \u2013\u00a0out of town buyers have nearly 30% more to spend on homes than locals.<\/p>\n\n\n\n

Nashville, which is seeing a spike in popularity with a net inflow of roughly 4,000 during the fourth quarter of 2021, compared to 2,900 during the fourth quarter of 2019, topped the list with the average out-of-towner having $736,900 to spend on a home, which is 28.5% higher than the $573,400 average budget for local buyers.<\/p>\n\n\n\n

In Philadelphia, the average out-of-town buyer had a 28.4% higher budget than a local buyer and in New York City the average out-of-town budget was 26.5% higher than the average local. In Atlanta and Miami, out-of-town buyers had budgets that were 26.1% and 25.1% higher than local buyers, respectively.<\/p>\n\n\n\n

Due to an increase in remote work flexibility<\/a>, people across the country are looking to relocate to less expensive metro areas<\/a>, while maintaining their current salary. A typical home in New York City, which is the most common origin of people moving to Atlanta and Miami, sold for $785,000 in December, compared to $385,000 in Atlanta and $459,000 in Miami, according to Redfin.<\/p>\n\n\n\n

\u201cWe\u2019re seeing a lot of out-of-state transplants, mostly from states like California that have an income tax,\u201d  Hope Geyer, a Redfin agent in Nashville, where there\u2019s no state income tax, said in a statement. \u201cPeople moving from the West Coast will pay way over asking price without batting an eye. In their eyes, they\u2019re getting a deal. It\u2019s really hard for locals to compete right now, and it can be devastating for first-time buyers who aren\u2019t able to offset high prices by selling a home before they buy a new one.\u201d<\/p>\n\n\n\n

In seven of the cities analyzed, locals had bigger budgets than out-of-towners. Perhaps unsurprisingly four of those cities are in California (Fremont, Pleasanton, San Jose and San Francisco), with Baltimore, MD and Frisco, TX being the final two.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nashville, which is seeing a spike in popularity, topped the list with the average out-of-towner having $736,900 to spend on a home, which is 28.5% higher than the $573,400 average budget for local buyers.<\/p>\n","protected":false},"author":34740,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[1760],"class_list":["post-2858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\nOut-of-town buyers have larger budgets than locals\ufffc - RealTrends - Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realtrends.com\/blog\/2022\/02\/15\/out-of-town-buyers-have-larger-budgets-than-locals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Out-of-town buyers have larger budgets than locals\ufffc\" \/>\n<meta property=\"og:description\" content=\"Nashville, which is seeing a spike in popularity, topped the list with the average out-of-towner having $736,900 to spend on a home, which is 28.5% higher than the $573,400 average budget for local buyers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.realtrends.com\/blog\/2022\/02\/15\/out-of-town-buyers-have-larger-budgets-than-locals\/\" \/>\n<meta property=\"og:site_name\" content=\"RealTrends - 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