As if competing against your fellow citizens for a home wasn’t tough enough, here come the foreign buyers.
Homebuyers from other nations have flocked to U.S. states over the past year or so, according to the National Association of Realtors’ 2022 report on international transactions in the U.S. residential real estate market.
The total dollar amount that foreign buyers spent on existing U.S. homes between April 2021 and March 2022 jumped 8.5% from the prior year, reaching about $59 billion in transactions, NAR says.
As you might expect, some states were more attractive to foreign homebuyers than others. Following are the top states for home purchases by people from other countries.
Share of all foreign-homebuyer purchases made in this state: 24%
People from all over the world have been moving to Florida for many decades, so it’s no surprise that residents of three countries — Canada, Brazil and Colombia — are buying more homes in this state than any other.
In fact, Florida is far and away the most popular state among foreigners buying a home in the U.S.
If you are relocating to the Sunshine State, check out “11 of the Cheapest Places to Live in Florida.”
Share of all foreign-homebuyer purchases made in this state: 11%
Although California has seen population growth stall in recent years, it remains a hit with those from abroad, particularly India and China.
Nearly one-third — 31% — of Chinese residents who moved to the U.S. between April 2021 and March 2022 ended up in the Golden State, according to NAR.
Share of all foreign-homebuyer purchases made in this state: 8%
Texas is the first choice of those moving from Mexico: 22% of them bought a home in the Lone Star State.
This might be a good time to move to Texas, as four cities in the state are among the “10 Cities With the Biggest Spike in Home Listings.”
The rest of the top 10
Following are the rest of the top 10 states, with the share of total foreign-homebuyer purchases made in each:
- Arizona: 7%
- New York: 4%
- North Carolina: 4%
- New Jersey: 3%
- Illinois: 3%
- South Carolina: 2%
- Virginia: 2%