Blue State Buyers Swing to Red State Rentals

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.

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.

The below out-of-state heat map shows the number of investment homes owned by out-of-state investors in each state and which states those investors come from:

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