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 largest group of international clients in California is from Canada.
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)
The California Association of Realtors has published a new study on the subject.
Thanks for reading,
Silicon Valley Real Estate
Smart stats

1 comment:

San Mateo said...

California is probably the most diverse state! So many foreigners come here because it is one of the nicest places to live and work