A report by ATTOM Data Solutions shows that about 3.4 million single-family homes are owned by out-of-state investors, including companies, investment firms, and individuals who crossed state lines in search of a good bargain.
“Many rental homes owned by out-of-state investors are concentrated in red states, likely because they are relatively inexpensive markets,” Daren Blomquist, senior vice president at ATTOM, said in a statement. “Meanwhile there are many investors from blue states owning elsewhere, likely because their own backyard markets are so high-priced.”
The states with the most investment homes owned by out-of-state investors are:
- North Carolina
On a county-level, the markets with the most investment homes owned by out-of-state investors are:
- Maricopa County, Ariz. (Phoenix)
- Clark County, Nev. (Las Vegas)
- Lee County, Fla. (Cape Coral)
- Cape May County, N.J. (Ocean City)
- Wayne County, Mich. (Detroit)
According to the report, however, California is the state where investors own the most out-of-state investment homes. Twenty-four percent of all investment homes owned by Californians are located out of state.
Source: “Blue State Buyers Drawn to ‘Red State’ Rentals,” Realtormag.realtor.org (Nov. 22, 2016)