Washington metro area ranks No. 9 among ten cities with the highest foreign-born homeownership rates, with a rate of 14.3 percent, according to a new study by LendingTree. In D.C. area the overall homeownership rate is 63.6 percent.
LendingTree looked at data taken out on Sept. 20, 2018 from the Census Bureau’s American Community Survey in order to find out the cities with the highest foreign-born homeownership rates and population. “The data includes median home values that we also included in the study. Our definition of cities is from the Census Bureau’s Core-Based Statistical Area (CBSA) boundaries,” LendingTree study states.
With 26 percent foreign-born home ownership rate, Miami has come out at the top with rank one in the list for foreign-born homeowners in the country. The city has 41 percent population which is foreign-born.
According to Census Bureau data, 13.7 percent of population in U.S. is foreign-born. The highest percentage of immigrants now live in the U.S. since 1910. Census Bureau data from 2017 showed that 13.7% of the U.S. population was foreign-born.
LendingTree quoted a study conducted by Oxford University and Citi Research which found that dynamic urban centers attracted highly-skilled immigrants.
Among the 50 largest cities in the country, cities having higher share of homes owned by foreign-born residents tend to have higher home prices, according to the study. “This is not to say that immigrants raise home prices — rather, it’s likely that immigrants gravitate towards these cities which have higher home prices, as they also have more dynamic economies and thus more employment opportunities,” the study notes.
The study found that the prices for the top 10 cities average $491,750 compared with $167,560 for the bottom 10 cities in the list.
Memphis, St. Louis, Cincinnati, Louisville, Kentucky and Pittsburgh were the five cities having the lowest foreign-born homeownership rates.