San Jose immigrants are buying homes – 2nd highest rate in US.
A Lending Tree study of home ownership by immigrants in US cities found that San Jose has the second-highest rate of foreign-born residents, 39 percent, and one quarter of them own their own homes. Miami’s rates of immigrant residents and homeownership are just a bit higher than ours, but there is a striking difference in the median home value – San Jose’s is almost $1 million, and Miami’s is $279,000.
Cities in America with the most foreign-born residents:
Foreign-born homeownership rate: 26%
Foreign-born population: 41%
Median value: $278,700
#2 San Jose
Foreign-born homeownership rate: 25%
Foreign-born population: 39%
Median value: $957,700
#3 Los Angeles
Foreign-born homeownership rate: 18%
Foreign-born population: 33%
Median value: $617,100
Lending Tree’s chief economist Tendayi Kapfidze, explained that the study also showed that immigrants are attracted to the more dynamic cities, which also have the higher home prices. The technology industry in and around San Jose accounts for the high rate of foreign-born residents, many highly skilled and educated who come from all over the world, Kapfidze noted. It is interesting to note that San Jose has a relatively lower rate of home-ownership among its native-born residents – just 57 percent, compared to Minneapolis with 70 percent. Details are included in the full study on the Lending Tree site.