Big cities seeing exits, smaller cities see population increase | NewsNation Now

training in big city life for smaller towns or cities new data by redin shows the top 10 cities people are moving away from and we're talking about by the thousands the lists include places like San Francisco New York Chicago in turn that same data shows people are fleeing to smaller places places like Myrtle Beach Sacramento Sarasota joining me now is Daryl Fairweather Chief Economist for redin Daryl thank you so much for your time here so we've been talking about this for a while obviously you

were with redin we know housing has been expensive before why do you think we're continuing to see this Exodus from bigger cities it really comes down to affordability prices are high mortgage rates are high so if somebody wants to become a homeowner and they can't afford to do so where they currently live the next best option is to move somewhere more affordable are there enough homes to meet buyer demand outside of larger cities because you think smaller place smaller pool of homes available

it depends if it is a area where there isn't a lot of room to build then newcomers can put a lot of strain on existing inventory but if it's a place where there's ample land in ample new construction then it doesn't put so much of a strain on the housing market and the good news is people are generally moving to places where there is more land and it is easier to build and do you think this trend continues yes this is is part of a long-term Trend it's been going on all the five years I've been a

t red fin and I expect it to continue as long as these expensive places like Los Angeles San Jose San Francisco Seattle aren't getting any more affordable if they make considerable changes then perhaps it could slow down you know and darl to be honest you know there's a lot of people who just feel like they cannot buy a home period whether it's in a big city or otherwise when do you think things turn around Nationwide if mortgage rates were to fall then that would create an opportunity of afford

ability it would be temporary because people would rush into the market and likely bid up the prices of homes but with rates so high there really isn't much wiggle room if rates came down a bit that would at least provide a window all right well we will certainly see what happens darl Fairweather with redin thank you thank you for watching go to newsnation now.com to find newsnation on your television provider and don't forget to click the red subscribe button below to get more of news nation's

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