– Total non-owner-occupied properties purchased: 10,056 (92.9% local buyers, 7.1% remote buyers)
– Median gross yield: 4.2% (local buyer); 4.2% (remote buyer)
– Median home value: $909,000 (local buyer); $905,000 (remote buyer)
– Median year built: 1956 (local buyer); 1958 (remote buyer)
The Los Angeles-Long Beach-Anaheim metro area in Southern California has always been a draw for new residents, and this past year has been no exception, with remote buyers pouring into the sunny metro from across the nation. Not only are housing prices rising in this metro area thanks to huge demand and a lack of inventory—which means ballooning costs for renters but quick appreciation for buyers—but the rental market also offers lucrative opportunities to investors who want to capitalize on the high demand in the area. About 40% of households in the Los Angeles metro area are renters, and with average rent prices of $2,518, there is a lot of money to be made for landlords who invest in properties in this area. Add to it the fact that the Los Angeles-Long Beach-Anaheim metro area has a thriving job economy that continually draws in new residents from all around the globe and you have the perfect recipe for a high rate of remote buying in this metro area.