Industry News

Real estate ownership rates lower in emerging gateway cities

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Both foreign-born and U.S.-born migrants who move to one of 14 "emerging gateway cities" have lower home ownership rates than households that move within a metropolitan area, according to the results of a study at the University of Southern California's Lusk Center for Real Estate. "Past housing research focused on the established gateway metropolitan areas, where 50 percent of all U.S. foreign-born population lives," said the Lusk Center's Gary Painter, Ph.D., associate professor at the USC School of Policy, Planning and Development. "Our study focused for the first time on the emerging gateway metropolitan areas. These cities have experienced large-scale population increases from immigrants moving directly from overseas or migrating domestically from larger cities, as well as an influx of U.S.-born households migrating domestically. While we assumed that lower housing costs in these emerging markets might improve home ownership rates, the results in fact suggest that leaving establi...