About 16 percent of the nation’s single-family rental homes – or 3.4 million properties – are owned by out-of-state investors, according to a new study from ATTOM Data Solutions.
In many cases, ATTOM found investors lived in blue states with hotter housing markets and were buying in red states where properties were less expensive.
The states where more properties were sold to out-of-state investors were Florida, North Carolina, Tennessee, Arizona, Georgia and Texas.
Maricopa County, Arizona (Phoenix); Clark County, Nevada (Las Vegas); Lee County, Florida (Cape Coral): Cape May County, New Jersey (Ocean City); and Wayne County, Michigan (Detroit) were the U.S. counties most likely to have houses owned by out-of-state investors.
Those investors were more likely to live in California, Florida, Texas, New York, Illinois and Virginia. In fact, 24 percent of the rental homes owned by Californians are actually in another state.