Aspiring homebuyers looking to move to Boston from elsewhere in the country on average have budgets nearly 10 percent higher than the average local, according to a new Redfin study.

The study, which was based on search parameters entered into the real estate listings site by locals and likely migrants in markets with at least 3,000 Redfin.com home searchers from inside the metro and 3,000 from outside the metro in 2020.

Likely migrants were defined as someone who has viewed at least 10 homes in a particular metro and has a search history in which homes from that metro make up at least 80 percent.

While the survey may have captured evidence of some pandemic-driven relocations by highly-paid tech workers – The largest disparities between migrant and local budgets were seen in Nashville, Tennessee (48.2 percent), Atlanta, Georgia (33.4 percent) and Austin, Texas (32.2 percent) – it also suggests that out-of-state buyers in most metro areas are generally wealthier or higher-paid.

For Greater Boston, which the Redfin study defined as Essex, Middlesex, Norfolk, Suffolk and Plymouth counties, migrants had an average budget of $1.07 million, 9.7 percent higher than the average local’s budget. That puts even some of the area’s most expensive towns easily within reach of these migrants.

The study found that 12.9 percent of people searching for homes locally were coming from out-of-state, chiefly from New York City, Hartford, Connecticut, Washington, D.C., the San Francisco Bay area and Los Angeles. With the exception of Hartford, all are major tech and economic hubs, like Boston.

Redfin: Out-Of-State Buyers Have Bigger Budgets in Mass.

by Banker & Tradesman time to read: 1 min
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