A new analysis from ATTOM Data Solutions shows that 3.4 million single-family investment homes (non-owner occupied) nationwide are owned by an out-of-state investor. That’s 16 percent of all single-family investment homes.
ATTOM Data Solutions, parent company of RealtyTrac, is the nation’s leading source for comprehensive housing data.
In many cases those lower-priced markets are in politically red states with the out-of-state investors often hailing from politically blue states. Passive real estate investors — think young professionals with well-paying day jobs or Baby Boomer homeowners flush with home equity wealth — in high-priced housing markets are looking beyond their backyards for real estate investing opportunities in lower-priced markets.
States with the most investment homes owned by out-of-state investors are Florida, North Carolina, Tennessee, Arizona, Georgia and Texas, with Michigan and Pennsylvania also in the top 10.
Counties with the most investment homes owned by out-of-state investors are 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).
California is the state with investors owning the most out-of-state investment homes — with 24 percent of all investment homes owned by Californians located out of state –followed by Florida, Texas, New York, Illinois and Virginia.
Click here for an out-of-state heat map that shows the number of investment homes owned by out-of-state investors in each state and which states those investors come from.
About ATTOM Data Solutions
ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports. ATTOM Data Solutions also powers consumer websites designed to promote real estate transparency: RealtyTrac.com is a property search and research portal for foreclosures and other off-market properties; Homefacts.com is a neighborhood research portal providing hyperlocal risks and amenities information; HomeDisclosure.com produces detailed property pre-diligence reports. ATTOM Data and its associated brands are cited by thousands of media outlets each month, including frequent mentions on CBS Evening News, The Today Show, CNBC, CNN, FOX News, PBS NewsHour and in The New York Times, Wall