Chinese-Americans Spent $105.1 Billion on U.S. Real Estate in 2014
According to a new report by Juwai.com, Chinese-Americans outspent offshore (mainland Chinese) buyers of US real estate by nearly 5 to 1 in 2014. Chinese-Americans invested $105.5 billion in US real estate, compared to the $22 billion invested by Mainland Chinese.
Because 61% of Chinese Americans do not speak English with fluency, and three quarters are foreign-born, they tend to use the same media and information channels to research and purchase property as overseas Chinese-speaking buyers.
"This research shows that Chinese-Americans outstrip US median household income by 31%. They spend more on real estate and often are more comfortable using Chinese language media to find their property and contact agents," said Andrew Taylor, co-CEO of Juwai.com. "That's why we at Juwai.com know so much about them."
"Despite their huge impact, these are the forgotten buyers, overlooked in the excitement about the rapid growth in purchasing by offshore buyers. Chinese Americans spend more on US real estate than all foreign buyer groups, from every nation, combined."
"Across the US, Chinese Americans look for property at an average price of $1.5 million. The single location where Chinese Americans seek the most expensive real estate is New York City, with an average price of $4.9 million."
Other key Chinese property buyer data include:
• Chinese Americans are the largest single Asian-American group, making up 23% of all Asian Americans. • By Chinese-American population, the top states are California, New York, Hawaii, Texas and New Jersey. 2 of 2
• For Chinese-American real estate purchasing, the top states are California, New York, Florida, Washington and Texas.
• Internationally, Chinese Americans spend the most on real estate in Belize (US$6.5 million) and New Zealand (US$2.2 million), followed by Cyprus, Italy and the United Kingdom.
• More US billionaires are Chinese American than of any other Asian-American ethnicity.
• Chinese American adults are more likely to be married, and more likely to prioritize a successful marriage and being a good parent, than the general public.