Real estate information for the mid-peninsula of San
Francisco: the Silicon Valley.
Saturday, May 18, 2013
California: foreign-born population and homeownership.
California,
the most popular State for immigrants... When I came here first in 1970 the
mentality was still very much like: "Go West, young man, go West" and a lot of
people were arriving from the East to start anew. There was a lot of space
available, still, right outside your door.
What is the situation
now?
Well,
it is true that historically, California has been the popular destination for
immigrants. Currently, about one quarter of the nation’s
immigrants live in California. The top three countries of origin for the foreign
born entering the U.S are Mexico, China and India.
However,
California’s share of incoming immigrants has been declining since 1990 due to a
rise in state bills related to immigration, and the settlements of new immigrant
arrivals into different states with historically low concentrations of
immigrants.
Length
of stay and region of origin are significant factors in determining
homeownership rate among international buyers. Those who have stayed longer, and
have migrated from Europe and other parts of North America are more likely to
own a home.
Homeownership
rate among the foreign born population is 47.9 percent in California, much less
than the rate among those born in the U.S (58.1 percent). When breaking down the
foreign born population, naturalized citizens are twice as likely to own a home
compare to those who are not (63 percent for naturalized citizens versus 28
percent who are not a U.S citizen).
One
in five REALTORS® has worked with an international buyer in the past
year.
The
share of international buyers has slightly increased from 5.3 percent in 2010 to
5.8 percent in 2011.
In
2012, California accounted for 11 percent of home purchases by international
clients, second behind Florida (26 percent).
The
median home price of foreign clients was $505,000, which is double the median
price of single family homes in the state ($291,000)
Thanks for
reading,
Silicon Valley Real Estate
Smart stats
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