Cities with most immigrant homeowners have higher home values: report

Homeownership among immigrants is highest in Miami and San Jose

National /
Nov.November 15, 2018 04:00 PM

Foreign-born homeowners tend to own homes in metropolitan areas with higher home values, according to a new report.

Homeownership rates among immigrants is highest in Miami and San Jose, California, where a quarter of foreign-born residents own their homes, according to the report by LendingTree.com, first reported by the New York Times.

The report examined ownership rates among foreign-born and native-born residents in the 50 most populated metropolitan areas of the country.

Home values were above the national average of $220,200 in eight of the 10 cities with the highest rates of ownership among immigrants. San Jose has one of the highest, if not the highest, average home values in the country at $957,700.

About 14 percent of immigrants in New York own their homes, according to the study, which also found that cities with many immigrant homeowners tend to have lower percentages of native-born homeowners than cities with very few foreign-born owners.

The 10 cities with the lowest homeownership rates among immigrants also tended to be further from the coasts. Pittsburgh had the lowest rate — just 2 percent of foreign-born residents own their homes there, according to the report.

Cities with the lowest homeownership rates among immigrants also had high ownership rates among U.S.-born residents. Rates for U.S. citizens in the 10 cities with the lowest foreign-born homeownership rates were between 57 percent and 68 percent.

None of those metro areas had home values above the national average. The highest average home value was in Columbus, Ohio, where the typical home is worth $182,300.

Overall, homeownership has declined in the U.S. since the recession because of higher lending standards, more expensive homes, and low supply. The homeownership rate as of April was 64.4 percent, down from a peak of 69.4 percent in April 2004. [New York Times] – Dennis Lynch


Related Articles

arrow_forward_ios
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...