The high price of housing in Denver is causing Denver residents to look elsewhere to live, and one Midwest city is a favored destination.
According to new research by Redfin, Denver residents are looking at Chicago more than anywhere else as a preferred destination.
Redfin said it used its a sampling of its user data to determine where residents were looking for new homes from April to June. It noted that Denver ranked No. 6 nationally when it came to net outflow (described by Redfin as the number of people in the area searching for homes in another metro greater than the number of people in other metros searching for homes in the area.) San Francisco, with its sky-high housing prices, ranked No. 1 nationally for net outflow.
“Home searches are early indicators of home sales. The migration patterns presented here closely correlate to actual purchases made by Redfin home-buying customers within and across metros. Buyers who can’t afford a home in their current city are exploring what is available elsewhere," said Redfin researcher Taylor Marr, in a statement.
Read more at the Denver Business Journal: http://bit.ly/2vSJGcC