“The grass is always greener on the other side of the fence,” is an appropriate phrase at least part of the time when it comes to ownership of single-family rental properties. ATTOM Data Solutions reported that 3.4 million single-family investment homes across the U.S. are owned by out-of-state investors. These long-distance investors make up one out of every six investment single-family residences (SFR), or 16 percent of all properties.
Which states have the greatest number of SFRs held as investment properties and what specific state’s investors own the most? To answer that ATTOM Data Solutions generated an interactive map showing the number of SFR rentals owned by out-of-state investors. HousingWire broke out the data from this series detailing the top-10 states with SFR rentals and out-of-state owners.
In most circumstances, out-of-state owners buy in states where home prices are less than where they reside. That is not always the case, however. While the top owners of Texas rental SFRs are Californians, the top owners of California SFR rentals are Texans. Another factor besides price that could cause out-of-state investment is that not all markets peak and trough at the same time. If, for example, a state’s housing market declines when another is still peaking, the stronger market investors can use their own homes as collateral to acquire to weaker market’s properties.
In eight of the top 10 states, blue state owners bought red state properties, with just California and New Jersey not conforming to this trend.
To read the entire article click http://www.housingwire.com/articles/38572-interactive-map-where-out-of-state-investors-look-to-buy-a-home?eid=311692759&bid=1595299
At least some of the time, the grass is always greener.