Home » Lifestyle » Rising mortgage rates, skyrocketing rents pushing more homeowners to move
Rising mortgage rates, skyrocketing rents pushing more homeowners to move
Comments Off on Rising mortgage rates, skyrocketing rents pushing more homeowners to move
FOX Business Headlines 2/23
Here are your FOX Business headlines.
A record number of homebuyers across the U.S. are looking to relocate, a trend that's likely to increase in 2022 as mortgage rates climb and rent prices skyrocket, according to Redfin.
Redfin reported Tuesday that 32.4% of its users were looking to move to a different metro area in January, outpacing the previous record of 31.5% reported in the first quarter of 2021.
CLICK HERE TO READ MORE ON FOX BUSINESS
It's also "significantly higher" than pre-pandemic times when only a quarter of homebuyers were looking to relocate.
Throughout the pandemic, an increasing number of homebuyers started relocating due to remote work policies and low mortgage rates, according to the technology-powered real estate agency. The combination of these factors gave homebuyers more buying power and flexibility, allowing them to "relocate to more affordable regions with more indoor and outdoor space," according to Redfin.