Facts about Foreign Home Buyers in the U.S.
Data from the National Association of Realtors (NAR) shows that foreign home buyers have invested over $102.6 billion on 214,885 properties from April 2015 to March 2016. The top home buying country for two years in a row is China, followed by Canada, India, the U.K., and Mexico.
Half of foreign home buyers pay in cash when purchasing a home. And 65% of all investments are detached single-family properties. Because of the diaspora of expats and buyers based abroad, the properties purchased are main residences and vacation homes.
Data suggests that foreign home buyers are buying in almost all states, but 5 states made up 51% of purchases in the period covered by NAR's report. Here are the Top 5 Preferred States by Foreign Home Buyers, their corresponding percentage of sales, and the median purchase prices in each area:
5. New York (4%)- $542,084 (Chinese buyers)
4. Arizona (4%)- $222,310 (Canadian buyers)
3. Texas (10%)- $333,372 (Indian buyers); $176,522 (Mexican buyers)
2. California (15%)- $542,084 (Chinese buyers); $333,372 (Indian buyers); $427,348 (British buyers); $176,522 (Mexican buyers)
1. Florida (22%)- $222,310 (Canadian buyers); $427,348 (British buyers)
To know more about foreign buyers of U.S. homes (and where and why they buy), you can access the article from which this post was based here.