Are out of town home buyers defeating the local buyers?
Posted by Liza Alley on
Out-of-town home buyers with deep pockets
- An influx of out-of-towners with big budgets is contributing to the rise in home prices in popular migration destinations, pricing out many local buyers
- The average out-of-towner moving to Nashville in 2021 had $736,900 to spend on a home, 28.5% higher than the $573,400 average budget for local buyers
- Philadelphia, with an average out-of-town budget of $559,200—28.4% higher than the average local budget. It’s followed by New York City, where the average out-of-towner had a 26.5% higher budget than the average local resident, and Atlanta, where migrants had a 26.1% bigger budget
- Miami rounds out the top five, with an average out-of-town budget 25.1% higher than that of locals. Out-of-towners have…
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