Your new neighbor might be an out-of-towner with a fat wallet.
Outsiders moving to Philadelphia, New York City, Atlanta, Dallas, Portland and other cities tend to have higher budgets compared to local buyers, according to an analysis of the average maximum list-price for saved home searches on Redfin RDFN, +14.32%, an online real-estate brokerage.
The difference in budgets can be attributed in part to out-of-towners with big salaries pouring in from coastal cities with plenty of cash to spare from selling their previous homes, Redfin said. They may also have the benefit of salaries from bigger cities like New York given that more people are allowed to work remotely.
“Philadelphia sits right between New York and D.C., both places where the cost of living is essentially triple what it is here,” local Redfin agent Trey Dodge said in a statement.
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