(FOX BUSINESS) – A record number of homebuyers are seeking to move to more affordable areas as inflation continues to soar and squeeze already cash-strapped consumers, according to a new report.
In the first quarter, 32.3% of Redfin.com users nationwide looked to move to a different metro area, according to the real estate brokerage. It's an increase from the 31.5% of users who looked to move during this time last year and the 26% of users during pre-pandemic times.
According to Redfin, record-low mortgage rates in 2021 coupled with remote work allowed many consumers to relocate. Now, "continually increasing home prices–along with quickly rising mortgage rates, which make monthly payments even higher–are adding fuel to the fire," according to Redfin.
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