Homebuyers Fleeing Big Cities Due to High Inflation and Rates

Homebuyers are trying to escape big cities as inflation and rates in President Joe Biden’s (D) America hurt citizens financially.

“More homebuyers looked to leave San Francisco than any other major metro, followed by Los Angeles, New York, Washington, D.C. and Boston. That’s determined by net outflow, a measure of how many more Redfin.com users looked to leave an area than move in,” the company reported Monday.

Many people leaving New York have their sights set on Miami because of its warm climate and less expensive housing.

“And buyers looking to depart Boston are flocking to Portland, ME, where the typical home costs roughly $200,000 less,” the Redfin article said.

In addition to inflation, skyrocketing mortgage rates and the struggling economy continued frightening homebuyers, the company reported Saturday.

“Pending home sales fell 35%, the largest annual decline and the fewest homes under contract in any October since at least 2015,” its social media post read:

Homebuilders are also struggling amid the nation’s economic woes.

Earlier this month, the National Association of Home Builders announced its monthly confidence index plunged eight points to 38 in October, Breitbart News reported.

“This is the tenth straight month of falling confidence, the longest stretch of declines on record,” the outlet said, adding that one year ago, the index sat at 90.

“Interest rates have risen sharply as the Fed has sought to squeeze inflation out of the economy. The 30 fixed rate began the year around seven percent and recently topped seven percent. That has hurt housing affordability and driven both buyers and sellers out of the market,” the report continued.

Meanwhile, half of American voters say the state of the economy or inflation is their main concern as they look toward the fast-approaching midterm elections, per a recent ABC/Ipsos poll.

“The poll shows that 28 percent of registered voters say the economy is their single most important issue for determining their ballot, while 22 percent say inflation is,” according to Breitbart News.