Where Cost-Conscious Moves as Prices Rise

Many homebuyers in expensive U.S. markets are increasingly searching for properties outside their local areas due to affordability issues. In the spring, over 60% of cross-market home searches occurred across the 100 largest metros, with San Jose being the most out-of-market, as high prices drive buyers to more affordable destinations like San Francisco and Riverside. Economic factors such as job opportunities also influence migration, with some buyers choosing higher-priced markets for employment advantages despite higher costs. This trend extends beyond the priciest cities to midtier markets, where affordability concerns lead buyers to seek property in neighboring areas with lower prices.

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