The economic instability in China is driving Chinese buyers, investors and owner occupants alike to look to the U.S. for affordable housing. Texas, in particular, is seeing an influx as demands for U.S. property is increasing amongst the Chinese buyers. The Chinese are the top buyers in US real estate registering about $28.6 billion last year. This figure is more than double the second most active buyers in U.S. real estate, which are the Canadians.
When it comes to states that the Chinese people prefer in the U.S., the top three are California, Florida and Texas. But high prices in California seem to cut the demand. Texas is now the best option for these buyers because of the state’s strong employment and education opportunities. Texas registered about 31 percent sales from Chinese buyers last year second to Latin American and Mexican buyers.
The volatility of Chinese stock market caused them to find refuge in the U.S., not only for their money’s sake but also for better living conditions for them and their family. They seek employment in the U.S. and education for their children. These conditions make the Chinese buyers willing to spend more than the average home buyers. They spend about four times the national median home price amounting to about $831,800.
Texas is tops new home construction in the United States, which Chinese buyers prefer rather than purchasing existing homes. Although California also has massive new home construction development, Texas still outnumbers them in production by twice as many new homes constructed.
Due to this influx of Chinese buyers, U.S. homebuilders are taking into consideration conditions that will be suitable for them. They are looking into building multigenerational homes to attract more immigrant families. They are also considering adopting Feng Shui floor plans to attract Asia clients and boost the real estate industry.