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April 29, 2017

Philadelphia the top destination for those looking to get out of New York, D.C., report finds

Reports Real Estate
Carroll - Philadelphia Skyline from Camden Thom Carroll/PhillyVoice

In this file photo from July 2016, the RiverLink Ferry runs between Camden, New Jersey, and the Philadelphia waterfront.

The top spot for those packing their bags and looking to get out of the nation's capital or the Big Apple? Philadelphia, according to one recent report.

Redfin, a real estate brokerage, released its quarterly report that analyzes migration patterns across the country this week and found that the City of Brotherly Love was the top destination for those looking for a home outside of the New York and Washington, D.C. areas.

The company analyzed search patterns of about one million of its users in 75 metro areas across the nation during the first three months of the year and found that nearly 20 percent were looking for a place to live outside their "home metro."

About 23 percent of New Yorkers searching for a home looked outside of the New York area, while about 10 percent of those living in Washington D.C. wanted to leave the capital. Philadelphia was both the top destination and top out-of-state destination for potential movers in the two East Coast cities.

Philadelphia was the "destination of choice" for one in eight New Yorkers trying to get out of the area, according to Redfin.

"Philadelphia was also the most popular destination among people looking to leave the Washington, D.C. metro area, which ranked fourth in net outflow overall," the report found. "Median home prices in Philadelphia were just 59 percent of the $375,000 paid for a typical home in D.C. in March."

Redfin also found that about 13 percent of Philadelphians who are considering a move want to leave the city, with New York and Washington D.C. being their top destinations.

Check out the full report from Redfin here