Phoenix Emerges as Affordable and Resilient Hotspot for Homebuyers and Businesses

A record share of homebuyers in the US, about 25.4%, are looking to relocate to more affordable cities despite increasing natural disaster risks, according to a report by Redfin. Popular destinations include Phoenix and Las Vegas, despite concerns over heat, drought, and flooding. The affordability crisis, exacerbated by near-7% mortgage rates, has pushed individuals out of expensive coastal cities like San Francisco, New York, and Los Angeles. The rise of remote work and the pandemic have also contributed to the trend. However, the total number of homebuyers looking to move to a different city is down 7% from last year, while the number of homebuyers looking to move within their current city is down 18%.