International buyers have a big impact on the U.S. real estate market—$66 billion to be exact. That is the value of U.S. real estate purchased annually by international buyers, according to the National Association of REALTORS® (NAR).
Other interesting facts: 55 percent of international buyers pay cash when buying U.S. real estate, they prefer detached, single family homes and the median price paid by global buyers is $219,400, according to NAR.
But an even more important fact to know is what “global” encompasses. It’s not just international transactions but also those much closer to home in your own backyard in the form of real estate purchased by immigrant, multilingual and cross-cultural populations in your own community.
The dream of homeownership remains strong across races, ethnicities and immigrant groups, according to Fannie Mae’s new study, 2010 Own-Rent Analysis. The study found that while immigrants tend to have lower homeownership rates initially, the gap narrows quickly the longer they live in the United States and within 30 years of arrival, their homeownership rates are comparable to average U.S. homeownership rates.
Download the full study to learn more.