Austin, Texas / GSPhotography / Shutterstock.com
If you want to move Denver or Portland because of how fun they look, chances are a lot of other people feel the same way, too. But just how many like-minded movers are looking at the same trendy cities you are?
A new Zillow report shows San Francisco and Austin as the two hottest markets searched for on its website by outsiders. However, it also shows that current residents of San Francisco and Austin are searching a lot more for homes outside of their present towns than in them.
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So, more people want to move somewhere where the current residents want to move out. But what does that say about the metro?
Zillow hypothesizes the concept of affordability, or lack thereof, in these markets. The median home value in San Francisco is one of the highest in the country, at $1,106,400, according to Zillow — and median rental payments is around $3,400.
“If someone lives in an expensive area, they may look for another place to live that is less expensive but offers a similar quality of life. Home shoppers in less expensive markets may weigh sacrificing space or cost in favor of a better job in a more expensive locale. Home search trends, in time, translate into actual moves and migration, which will have a lasting impact on the economy and landscape,” Zillow Chief Economist Dr. Svenja Gudell said in a statement.
Both San Francisco and Austin get more page views on Zillow than a majority of other metros, at 92 percent and 86 percent, respectively. But 50 percent of San Francisco residents and over half of Austin’s search for homes in different markets, the study says.
Austin homes values are increasing at a faster rate than San Francisco, at 9 percent over the past year. Zillow reports that median home value in Austin is $303,900, three times less than San Francisco. Zillow says these markets are coveted because of employment opportunities in high-paying sectors like technology and hospitality.
“We look at home searches to get a read on people’s housing aspirations and how they feel about housing and quality of life in their city, as well as their actual intentions to move into or out of a given area,” Gudell said.
Other skewed markets
Washington D.C. tops the list for the fewest incoming views versus the most outgoing views. Miami and Houston markets also sit at a respective third and fifth on the same list.
Zillow study
New York City showed little amount of outgoing views and very few incoming views, meaning most of those whom already live there aren’t thinking about leaving at the moment, and they don’t have to worry about new people coming in as much as other metros.
Residents of Portland and Seattle are sitting pretty, if they want company. Residents of both metros don’t want to leave, the study shows, but a lot of people want to move there. Denver, Jacksonville, Florida, and Fresno, California, markets also made the list for many incoming views versus little outgoing views.
