Skip to main content

The City with the Most Foreign-Born Homebuyers Is …

Phil Hall
Oct 11, 2018
Foreign-born homebuyers seem to prefer coastal housing markets with higher than average home prices, according to a new data analysis from LendingTree

Foreign-born homebuyers seem to prefer coastal housing markets with higher than average home prices, according to a new data analysis from LendingTree.
 
Using statistics from the U.S. Census Bureau of the nation’s 50 largest cities, LendingTree determined that Miami has the highest percentage of foreign-born homebuyers, with 26 percent of property owners coming from other countries. Forty-one percent of Miami’s population is foreign-born. San Jose came in a close second, with a 25 percent share of foreign-born homeowners and a total foreign-born population of 39 percent. Five of the top 10 markets for foreign-born homeowners are in California, including Los Angeles (ranked third at 18 percent) and San Francisco (ranked fourth at 17.9 percent). Median home prices for the top 10 cities averaged $491,750.
 
“Out of the 50 largest cities in the country, those with a higher share of homes owned by foreign-born residents tend to have higher home prices,” said Tendayi Kapfidze, LendingTree’s Chief Economist. “This is not to say that immigrants raise home prices—rather, it’s likely that immigrants gravitate towards these cities which have higher home prices, as they also have more dynamic economies and thus more employment opportunities.”
 
At the far end of the spectrum, Pittsburgh trailed with only a two percent foreign-born homeownership rate and a four percent foreign-born population. The median home value in the Pittsburgh market is $153,300.

 
Published
Oct 11, 2018
Home Partners Of America Launches Choice Lease Program

Home Partners of America launched its Choice Lease program aimed at addressing the affordable housing crisis and mortgage access challenges, that are faced by low-to-moderate-income families and underrepresented communities.

Industry News
Jan 17, 2022
KBRA Assigns Preliminary Ratings To OBX 2022-NQM1 Trust

Kroll Bond Rating Agency assigned preliminary ratings to six classes of mortgage pass-through notes from OBX 2022-NQM1 Trust, a $556.7 million non-prime RMBS transaction.

Non-QM
Jan 17, 2022
Zillow: Black Mortgage Applicants Denied 84% More Often Than White

Zillow recently analyzed data from the Home Mortgage Disclosure Act and found that Black mortgage applicants are denied a mortgage 84% more often than white applicants.

Analysis and Data
Jan 13, 2022
Mortgage Economic Review January 2022

The Mortgage Economic Review is a monthly summary of Key Economic Indicators, Data, and Events pertinent to Mortgage and Real Estate Professionals.

Analysis and Data
Jan 13, 2022
Fairway Independent Mortgage Corp. Puts Employees' Health First

Fairway Independent Mortgage continues to allow its employees to choose whether to return to the office or not.

Industry News
Jan 12, 2022
First American Agrees To Acquire Mother Lode Holding Co.

Acquisition would expand First American’s footprint in 11 states

Industry News
Jan 12, 2022