Miami, San Jose and Los Angeles have the highest percentage of foreign homeowners in the top 50 markets
Those born outside of the United States make up over 14% of the population in the country’s top 50 metropolitan markets, but they’re less likely than their native-born peers to live in houses they own, a LendingTree analysis says.
Across the country’s 50 largest markets, an average of 55.2% of the population born outside of the United States live in homes they own, but, in comparison, about 65% of the country’s native-born population live in homes they own.
In addition, foreign-born homeowners are more likely to spend 30% or more of their monthly income on housing costs than their native-born counterparts.
“An average of 26.84% of those born outside the U.S. and living in owner-occupied homes spend 30% or more of their monthly household income on housing costs, while 21.65% of those born in the U.S. do the same,” the report said.
Within the top 50 markets, those with the highest share of homes owned and occupied by people born outside of the United States include Miami, San Jose, Calif., and Los Angeles, the company reported.
With nearly 41% of its population foreign-born, Miami’s percentage of owner-occupied housing units owned by those born outside of the United States is nearly 44% compared to 64.5% of the area’s native-born population living in homes they own.
Just under 40% of San Jose’s population is foreign-born but 45% of its owner-occupied housing units are owned by those born outside of the United States while nearly 60% of the area’s native-born population living in homes they own.
Nearly 33% of Los Angeles’s population is foreign-born and nearly 38% of its owner-occupied housing units are owned by those born outside of the United States while just over 50% of the area’s native-born population live in homes they own.
Source: Nationalmortgageprofessional.com