Just when you thought you had heard enough of blue states and red states, an ATTOM Data Solutions report finds that party lines are being crossed when it comes to real estate buying. Reports reveal a trend among blue state investors capitalizing on lower-priced rental properties in red states.
The ATTOM Data Solutions report shows that about 3.4 million single-family homes are owned by out-of-state investors, including companies, investment firms and individuals who crossed state lines in search of a good bargain.
“Many rental homes owned by out-of-state investors are concentrated in red states, likely because they are relatively inexpensive markets,” Daren Blomquist, senior vice president at ATTOM, said. “Meanwhile there are many investors from blue states owning elsewhere, likely because their own backyard markets are so high-priced.”
The states with the most investment homes owned by out-of-state investors are: Florida, North Carolina, Tennessee, Arizona, Georgia, Texas, Michigan and Pennsylvania.
The report finds that California is the state where investors own the most out-of-state investment homes. Twenty-four percent of all investment homes owned by Californians are located out of state.
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