A report released today by the Texas Association of Realtors shows that international homebuyers contributed over $6.13 billion to the Texas economy between March 2012 and March 2013.
International homebuyers accounted for 6.3 percent of total U.S. home sales during that period, totaling $82.5 billion in sales volume. Nine percent, or $6.13 billion, of this figure originated from Texas, tying the Lone Star State with Arizona for the third most international home sales in the country.
According to the report, homeownership rates increase with length of tenure in the United States, rising from about 25 percent for persons who entered after 2000 to 67 percent among persons who entered before 1990. Combined with rising immigration rates (37 percent of immigrants in Texas entered in 2000 or later), these figures indicate that international home sales in Texas are likely to increase significantly over time.
In addition, Texas has the third-largest immigrant population size and six of the top 50 metro areas for immigration in the country, accounting for 9 percent of all immigrants who migrated to the United States and 8 percent of all immigrants who became naturalized citizens in 2011.
The report, Texas International Homebuyers’ Report, cited data from the National Association of Realtors and the U.S. Census Bureau.
Source: Texas Association of Realtors