A new analysis from ATTOM Data Solutions shows that 3.4 million single family investment homes (non-owner occupied) nationwide are owned by an out-of-state investor. That’s 16 percent of all single family investment homes.
In many cases those lower-priced markets are in politically red states with the out-of-state investors often hailing from politically blue states. Passive real estate investors — think young professionals with well-paying day jobs or baby boomer homeowners flush with home equity wealth — in high-priced housing markets are looking beyond their backyards for real estate investing opportunities in lower-priced markets.
States with the most investment homes owned by out-of-state investors are Florida, North Carolina, Tennessee, Arizona, Georgia and Texas, with Michigan and Pennsylvania also in the top 10. Counties with the most investment homes owned by out-of-state investors are Maricopa County, Arizona (Phoenix); Clark County, Nevada (Las Vegas); Lee County, Florida (Cape Coral); Cape May County, New Jersey (Ocean City); and Wayne County, Michigan (Detroit). California is the state with investors owning the most out-of-state investment homes — with 24 percent of all investment homes owned by Californians located out of state –followed by Florida, Texas, New York, Illinois and Virginia.
ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.