The Scotsman Guide - Bill Conroy - 21 November 2016
Some 3.4 million single-family homes across the nation are owned by out-of-state investors, representing about 16 percent of all U.S. single-family investment homes — or non-owner occupied houses.
Many of the homes held for investment are located in states deemed red politically, according to Attom Data Solutions, which analyzed the data for the report. By contrast, many of the out-of-state investors that own these properties are located in politically blue states.
“Passive real estate investors — think young professionals with well-paying jobs or baby-boomer homeowners flush with home equity wealth — in high-priced housing markets [like blue state California] are looking beyond their own backyards for real estate investing opportunities in lower-priced markets [such as red state Texas],” Attom Data Solutions says in a prepared statement.
Red states that have the most homes owned by out-of-state investors include Florida, North Carolina, Tennessee, Arizona, Georgia and Texas — with Michigan and Pennsylvania also among the top 10. The state with the most investors owning out-of-state investment homes is California — “with 24 percent of all investment homes owned by Californians located out of state,” Attom Data Solutions’ data shows. California is followed by red states Florida and Texas and the blue states of New York, Illinois and Virginia.
Counties with the most investment homes owned by out-of-state investors are Maricopa County in Arizona (Phoenix); Clark County in Nevada (Las Vegas); Lee County in Florida (Cape Coral); Cape May County in New Jersey (Ocean City); and Wayne County in Michigan (Detroit).
A heat map displaying the investment-home data gathered by Attom Data Solutions can be found here.