Study also considers vacation, investment properties
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With inventory so tight in many markets and studies suggesting that homeowners are unwilling to sell as they may struggle to find a replacement, a new analysis considers the impact of non-owner-occupied homes.
These include second, vacation, and investment homes; and specifically looks at those purchased with a mortgage.
The LendingTree study ranked the top 50 metros for their share of non-owner occupied homes according to HMDA data from 2017, and also considered the average loan amounts for owners and non-owners.
The cities with the most, least non-owner occupied mortgages
Oklahoma City, Philadelphia and Memphis (Tenn.) had the highest share of non-owner occupied mortgages while Hartford (Conn.), Cleveland, and Detroit had the lowest.
Overall, cities with the most non-owner occupied properties were located in the South or the West, while those with the least are in Northeast and Midwest.
Southern cities may be attracting investors due to low prices and growing populations. In the West, the opportunity for rapid price appreciation is likely attracting investors.
In the Northeast and Midwest, affordable homes mean the opportunity to be a homeowner is high and less appreciation attracts less investors.
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Places ranked by share of non-owner occupied mortgages |
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|
Rank |
Metro |
Non |
Non-owner |
Owner |
Non- |
Owner |
|
1 |
Oklahoma City |
15.4% |
$193,000 |
$182,000 |
$86,000 |
$87,000 |
|
2 |
Philadelphia |
14.6% |
$245,000 |
$225,000 |
$116,000 |
$102,000 |
|
3 |
Memphis, Tenn. |
14.6% |
$126,000 |
$192,000 |
$128,000 |
$88,000 |
|
4 |
Miami |
14.5% |
$382,000 |
$302,000 |
$283,000 |
$119,000 |
|
5 |
San Francisco |
13.9% |
$695,000 |
$819,000 |
$326,000 |
$257,000 |
|
6 |
New Orleans |
13.4% |
$217,000 |
$219,000 |
$127,000 |
$98,000 |
|
7 |
Las Vegas |
12.9% |
$205,000 |
$258,000 |
$142,000 |
$91,000 |
|
8 |
New York |
12.5% |
$533,000 |
$423,000 |
$252,000 |
$163,000 |
|
9 |
Los Angeles |
12.5% |
$565,000 |
$501,000 |
$267,000 |
$163,000 |
|
10 |
Riverside, Calif. |
12.2% |
$280,000 |
$290,000 |
$185,000 |
$109,000 |
|
11 |
Orlando, Fla. |
11.5% |
$227,000 |
$230,000 |
$157,000 |
$91,000 |
|
12 |
Boston |
11.4% |
$560,000 |
$397,000 |
$189,000 |
$148,000 |
|
13 |
San Diego |
11.2% |
$444,000 |
$458,000 |
$227,000 |
$141,000 |
|
14 |
Sacramento, Calif. |
10.9% |
$310,000 |
$319,000 |
$217,000 |
$113,000 |
|
15 |
Austin, Texas |
10.8% |
$255,000 |
$279,000 |
$204,000 |
$326,000 |
|
16 |
San Jose, Calif. |
10.4% |
$569,000 |
$686,000 |
$288,000 |
$203,000 |
|
17 |
Phoenix |
10.0% |
$239,000 |
$245,000 |
$168,000 |
$91,000 |
|
18 |
Virginia Beach, Va. |
10.0% |
$205,000 |
$244,000 |
$123,000 |
$82,000 |
|
19 |
Nashville, Tenn. |
9.8% |
$246,000 |
$250,000 |
$164,000 |
$96,000 |
|
20 |
Kansas City, Mo. |
9.5% |
$192,000 |
$200,000 |
$116,000 |
$235,000 |
|
21 |
St., Louis |
9.4% |
$153,000 |
$193,000 |
$101,000 |
$127,000 |
|
22 |
Providence, R.I. |
9.4% |
$294,000 |
$243,000 |
$189,000 |
$96,000 |
|
23 |
Tampa, Fla. |
9.4% |
$200,000 |
$217,000 |
$152,000 |
$90,000 |
|
24 |
Seattle |
9.1% |
$402,000 |
$422,000 |
$189,000 |
$135,000 |
|
25 |
Jacksonville, Fla. |
8.9% |
$191,000 |
$221,000 |
$158,000 |
$88,000 |
|
26 |
Dallas |
8.9% |
$224,000 |
$269,000 |
$177,000 |
$121,000 |
|
27 |
Portland, Ore. |
8.8% |
$288,000 |
$306,000 |
$180,000 |
$ 106,000 |
|
28 |
Chicago |
8.6% |
$239,000 |
$266,000 |
$161,000 |
$121,000 |
|
29 |
Raleigh, N.C. |
8.5% |
$183,000 |
$251,000 |
$150,000 |
$103,000 |
|
30 |
Houston |
8.5% |
$230,000 |
$241,000 |
$155,000 |
$115,000 |
|
31 |
Denver |
8.4% |
$284,000 |
$316,000 |
$162,000 |
$106,000 |
|
32 |
San Antonio |
8.4% |
$180,000 |
$214,000 |
$140,000 |
$91,000 |
|
33 |
Milwaukee |
8.0% |
$258,000 |
$ 209,000 |
$115,000 |
$101,000 |
|
34 |
Charlotte, N.C. |
8.0% |
$178,000 |
$235,000 |
$145,000 |
$95,000 |
|
35 |
Atlanta |
7.9% |
$208,000 |
$235,000 |
$151,000 |
$97,000 |
|
36 |
Richmond, Va. |
7.5% |
$191,000 |
$236,000 |
$113,000 |
$91,000 |
|
37 |
Baltimore |
7.3% |
$224,000 |
$301,000 |
$170,000 |
$113,000 |
|
38 |
Washington |
7.3% |
$322,000 |
$406,000 |
$173,000 |
$139,000 |
|
39 |
Birmingham, Ala. |
6.9% |
$175,000 |
$196,000 |
$116,000 |
$86,000 |
|
40 |
Minneapolis |
6.9% |
$226,000 |
$241,000 |
$130,000 |
$102,000 |
|
41 |
Salt Lake, City |
6.8% |
$239,000 |
$266,000 |
$171,000 |
$89,000 |
|
42 |
Louisville, Ky. |
6.5% |
$230,000 |
$180,000 |
$108,000 |
$81,000 |
|
43 |
Columbus, Ohio |
6.4% |
$230,000 |
$199,000 |
$128,000 |
$95,000 |
|
44 |
Buffalo, N.Y. |
6.4% |
$294,000 |
$154,000 |
$127,000 |
$81,000 |
|
45 |
Pittsburgh |
6.4% |
$161,000 |
$177,000 |
$113,000 |
$93,000 |
|
46 |
Cincinnati |
6.3% |
$161,000 |
$183,000 |
$134,000 |
$91,000 |
|
47 |
Indianapolis |
6.2% |
$169,000 |
$185,000 |
$154,000 |
$92,000 |
|
48 |
Hartford, Conn. |
5.9% |
$237,000 |
$215,000 |
$142,000 |
$102,000 |
|
49 |
Cleveland |
5.7% |
$124,000 |
$167,000 |
$134,000 |
$92,000 |
|
50 |
Detroit |
5.2% |
$115,000 |
$163,000 |
$138,000 |
$83,000 |
