Study reveals where foreign-born owners are most prolific
With US Census Bureau data showing the highest share of immigrants since 1910, a new analysis shows where foreign-born homeowners are most prolific – and why.
Overall, 2017 data shows that 13.7% of the US population was foreign born and LendingTree’s report reveals that cities with the largest share have higher home prices.
Prices in the top 10 cities for foreign-born owners average $491,750 compared to $167,560 for the bottom 10.
Topping the list – and counter to the higher home price trend - is Miami where foreign-born residents make up 26% of all homeowners.
The median price in Miami is well below the average for the top 10 at $278,700 and Houston and Las Vegas are also more affordable top 10 markets.
Californian coastal cities take 4 of the top 5 spots.
Immigrant impact on home prices
So, are foreign owners driving up home prices in the cities they choose?
Not according to LendingTree’s chief economist Tendayi Kapfidze.
"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,” he explains. "The proportion of highly-skilled immigrants is also higher in these cities which puts some upward pressure on home prices as a secondary effect.”
He adds that homeowners in cities with high foreign-born populations benefit from faster home price appreciation, creating opportunities for them to access this wealth via refinancing or home equity extraction.
This added spending can in turn boost the economy or provide capital to fund new businesses.
|
Rank |
Metro |
Foreign-born |
Native-born |
Total |
Foreign- |
Median |
|
1 |
Miami |
25.70% |
33.70% |
59.50% |
41.00% |
$278,700 |
|
2 |
San Jose, Calif. |
24.80% |
32.40% |
57.20% |
38.90% |
$957,700 |
|
3 |
Los Angeles |
18.30% |
30.10% |
48.40% |
33.30% |
$617,100 |
|
4 |
San Francisco |
17.90% |
36.70% |
54.60% |
31.30% |
$849,500 |
|
5 |
Riverside, Calif. |
17.30% |
45.70% |
63.00% |
20.60% |
$342,300 |
|
6 |
Houston |
16.60% |
44.10% |
60.70% |
23.60% |
$192,900 |
|
7 |
Las Vegas |
14.60% |
39.50% |
54.20% |
23.10% |
$250,000 |
|
8 |
New York |
14.40% |
37.40% |
51.80% |
29.20% |
$440,900 |
|
9 |
Washington |
14.30% |
49.30% |
63.60% |
23.10% |
$424,600 |
|
10 |
San Diego |
12.90% |
40.60% |
53.50% |
23.30% |
$563,800 |
|
11 |
Chicago |
12.80% |
51.60% |
64.40% |
18.00% |
$240,300 |
|
12 |
Dallas |
11.70% |
47.90% |
59.70% |
18.70% |
$214,900 |
|
13 |
Orlando, Fla. |
11.60% |
48.80% |
60.40% |
18.70% |
$219,000 |
|
14 |
Sacramento, Calif. |
11.40% |
48.90% |
60.20% |
19.10% |
$390,000 |
|
15 |
Seattle |
11.00% |
49.00% |
60.00% |
18.80% |
$439,800 |
|
16 |
Boston |
9.70% |
52.10% |
61.80% |
19.00% |
$441,400 |
|
17 |
Atlanta |
9.40% |
53.60% |
63.00% |
14.10% |
$215,100 |
|
18 |
Phoenix |
9.40% |
54.30% |
63.70% |
14.20% |
$246,900 |
|
19 |
Hartford, Conn. |
9.30% |
57.20% |
66.50% |
13.50% |
$247,900 |
|
20 |
Tampa, Fla. |
9.00% |
55.40% |
64.40% |
14.20% |
$191,200 |
|
21 |
Austin, Texas |
9.00% |
48.70% |
57.70% |
15.10% |
$283,600 |
|
22 |
San Antonio |
8.30% |
54.90% |
63.30% |
11.60% |
$170,100 |
|
23 |
Raleigh, N.C. |
8.10% |
58.90% |
67.00% |
12.80% |
$244,500 |
|
24 |
Salt Lake City |
8.00% |
60.00% |
68.00% |
12.50% |
$294,800 |
|
25 |
Portland, Ore. |
7.70% |
55.50% |
63.20% |
12.50% |
$376,000 |
|
26 |
Providence, R.I. |
7.60% |
54.20% |
61.90% |
13.60% |
$277,400 |
|
27 |
Philadelphia |
7.40% |
58.60% |
66.10% |
11.10% |
$250,900 |
|
28 |
Denver |
7.20% |
57.00% |
64.10% |
12.30% |
$386,800 |
|
29 |
Detroit |
7.00% |
61.90% |
68.90% |
10.30% |
$171,600 |
|
30 |
Baltimore |
6.80% |
59.80% |
66.60% |
11.00% |
$297,300 |
|
31 |
Jacksonville, Fla. |
6.20% |
57.50% |
63.60% |
9.40% |
$205,100 |
|
32 |
Charlotte, N.C. |
6.10% |
59.50% |
65.60% |
10.20% |
$197,100 |
|
33 |
Minneapolis |
5.50% |
64.70% |
70.20% |
11.00% |
$254,800 |
|
34 |
Oklahoma City |
4.70% |
58.80% |
63.50% |
7.40% |
$156,800 |
|
35 |
Rochester, N.Y. |
4.50% |
62.10% |
66.60% |
7.20% |
$144,500 |
|
36 |
Richmond, Va. |
4.50% |
61.80% |
66.20% |
7.40% |
$237,900 |
|
37 |
Virginia Beach, Va. |
4.20% |
57.80% |
62.00% |
6.50% |
$245,900 |
|
38 |
Milwaukee |
4.10% |
55.60% |
59.70% |
7.30% |
$213,800 |
|
39 |
Nashville, Tenn. |
4.10% |
61.00% |
65.00% |
8.10% |
$242,900 |
|
40 |
Cleveland |
4.00% |
60.40% |
64.40% |
5.80% |
$150,400 |
|
41 |
Indianapolis |
3.80% |
61.60% |
65.40% |
7.20% |
$162,200 |
|
42 |
Buffalo, N.Y. |
3.70% |
61.80% |
65.50% |
6.50% |
$148,900 |
|
43 |
Kansas City, Mo. |
3.60% |
61.00% |
64.60% |
6.70% |
$180,700 |
|
44 |
Columbus, Ohio |
3.60% |
58.20% |
61.80% |
7.80% |
$182,300 |
|
45 |
New Orleans |
3.50% |
58.70% |
62.20% |
7.50% |
$193,100 |
|
46 |
Memphis, Tenn. |
2.90% |
57.30% |
60.30% |
5.40% |
$148,800 |
|
47 |
St. Louis |
2.80% |
66.10% |
68.90% |
4.90% |
$172,200 |
|
48 |
Cincinnati |
2.70% |
63.20% |
65.90% |
5.00% |
$165,500 |
|
49 |
Louisville, Ky. |
2.70% |
64.10% |
66.80% |
5.90% |
$168,600 |
|
50 |
Pittsburgh |
2.10% |
67.80% |
69.90% |
3.80% |
$153,300 |
