DC area ranks No. 9 for foreign-born homeownership

WASHINGTON — More than 23 percent of the Washington metro’s population is foreign-born, and many of them are homeowners.

LendingTree ranks the Washington metro area No. 9 for foreign-born homeownership, with a rate of 14.3 percent. The overall homeownership rate in the D.C. area is 63.6 percent.

Baltimore ranks 30th, with foreign-born homeownership at 6.8 percent. Richmond and Virginia Beach, Virginia, rank 36th and 37th, respectively.

Miami leads the nation for foreign-born homeowners, with a homeownership rate of 25.7 percent, and 41 percent foreign-born.

The U.S. now has the highest proportion of immigrants since 1910. Census Bureau data show that 13.7 percent of the U.S. population is foreign-born.

LendingTree cites a study conducted by Oxford University and Citi Research that found highly-skilled immigrants gravitate to the most dynamic urban centers. And out of the 50 largest cities in the U.S., those with a higher share of homes owned by foreign-born residents also have higher home prices.

Home prices in the top 10 cities for foreign-born homeownership average almost $492,000, compared to less than $168,000 for the bottom 10.

LendingTree said the foreign-born homeownership rate in the 10 least-expensive housing markets is below 3 percent.

The five cities with the lowest foreign-born homeownership rates are Memphis, St. Louis, Cincinnati, Louisville, Kentucky and Pittsburgh.

Here is LendingTree’s list of foreign-born homeownership rates in the nation’s 50 largest cities:

 

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