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Top 10 U.S. States For Foreign Home Buyers
- By Real Estate Advisor
- Published 9th September, 2007
- United States
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Real Estate Advisor
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America has always attracted home buyers from other countries and still continues to do so, being one of the most popular markets for international real estate. Read on to know the latest statistics in support of this fact. In a comprehensive research conducted on the home buying preference of international real estate buyers in the U.S., the National Association of Realtors (NAR) found a significant rise in the home buying activity among overseas home buyers.
At least one in every 5 realtors has sold a second home in the U.S. to an international client between April 2006-2007. According to the report, a typical foreign home buyer purchased a detached single-family home or town home and spends an average of 4.2 months in the U.S. property. They also had a strong preference for condos/apartments when compared to local buyers. Twenty two percent of the homes purchased by foreign buyers were condos/apartments as against the 12% of homes purchased by U.S. buyers.
The Sun Belt states, which have recorded the maximum number of home sales, seem to be the most popular choice of location for foreign buyers. Florida emerged as the top state with the maximum number o
f foreign home buyers. The South led the rest of the regions, recording 49% of foreign home purchases. The West followed closely accounting for 31% of home purchases by foreigner buyers. The Midwest region had 11% of homes purchased by foreign home buyers while the Northeast accounted for 9%. These findings come from the 2007 NAR Profile of International Home Buying Activity, a survey of the foreign home buying activity between April 2006 and April 2007.
The top U.S. states where foreign buyers buy real estate according to the report are given below, along with the percentage of all international home buying transactions:
1. Florida - 26%
2. California - 16%
3. Texas - 10 %
4. Arizona - 6%
5. New York - 4%
6. Colorado - 3%
7. Illinois - 2%
8. Ohio - 2%
9. Georgia - 2%
10. North Carolina - 2%
It is significant to note that all the top 3 states on the list are major gateways for visitors from other countries entering the U.S. According to the study the majority of foreign buyers were from Mexico (13%), the U.K. (12%) and Canada (11%). Europe accounted for 33% of foreign buyers while Asia and North America (outside the U.S.) accounted for 24% and 23% of international home buyers.
At least one in every 5 realtors has sold a second home in the U.S. to an international client between April 2006-2007. According to the report, a typical foreign home buyer purchased a detached single-family home or town home and spends an average of 4.2 months in the U.S. property. They also had a strong preference for condos/apartments when compared to local buyers. Twenty two percent of the homes purchased by foreign buyers were condos/apartments as against the 12% of homes purchased by U.S. buyers.
The Sun Belt states, which have recorded the maximum number of home sales, seem to be the most popular choice of location for foreign buyers. Florida emerged as the top state with the maximum number o
The top U.S. states where foreign buyers buy real estate according to the report are given below, along with the percentage of all international home buying transactions:
1. Florida - 26%
2. California - 16%
3. Texas - 10 %
4. Arizona - 6%
5. New York - 4%
6. Colorado - 3%
7. Illinois - 2%
8. Ohio - 2%
9. Georgia - 2%
10. North Carolina - 2%
It is significant to note that all the top 3 states on the list are major gateways for visitors from other countries entering the U.S. According to the study the majority of foreign buyers were from Mexico (13%), the U.K. (12%) and Canada (11%). Europe accounted for 33% of foreign buyers while Asia and North America (outside the U.S.) accounted for 24% and 23% of international home buyers.