Foreign Homebuyers in the U.S.: Where and Why They Buy

Looking at the trends coming out of China, Canada, India, the U.K. and Mexico

International homebuyers acquired a total of 214,885 properties — worth $102.6 billion — in the U.S. in the period from April 2015 to March 2016, according to the National Association of Realtors. In terms of dollars spent, China was the main source of foreign activity for the second year in a row, followed by Canada, India, the U.K. and Mexico.

As a group, half of foreign purchasers pay in cash, 65% prefer to buy a detached single-family-home, and most of them purchase in a central city or urban area. Since international buyers include expats living in the U.S. and foreigners still living mainly abroad, the properties include both main residences and vacation homes.

And while they buy property nationwide, five states made up 51% of their purchases in the year leading up to March 2016: Florida (22%), California (15%), Texas (10%), Arizona (4%) and New York (4%).

Interestingly, international buyers differ on certain issues, including the reasons that attract them to a particular area and the money they spend per property.

If you are looking for a holiday home, exceptional residence or great investment opportunity in Miami area or wider Florida, we will be glad to help you. We have an outstanding variety of new, luxury and bargain properties, both sale and rental in South Florida and our staff is on hand to assist you finding a suitable home in this exciting part of the USA. For more details and detailed guidance about properties in Florida, please refer to our website www.ecsmproperty.uk.com

Here, a snapshot of the favourite states and what pulls foreign buyers to those locations:

Country

Favorite States

What attracts them

Median Purchase Price

China

California (32%)
New York (10%)

Proximity to and cultural
affinity with Asia

$542,084

Canada

Florida (37%)
Arizona (19%)

Warm weather

$222,310

India

Texas (20%)
California (17%)

Employment

$333,372

U.K.

Florida (39%)
California (15%)

Warm weather

$427,348

Mexico

Texas (35%)
California (19%)

Geographically close and
culturally similar to Mexico

$176,522

30 Sep 2016

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