Zillow Inc., the largest real estate website in the U.S., expects Los Angeles, Boston and New York to be the top three most attractive destinations among U.S. cities for Chinese home buyers in 2018, according to a latest report published Dec. 19.
Other popular housing markets for Chinese buyers stateside include San Jose, Calif., and Seattle, Zillow said, adding that the ranking was based on job growth, the number of highly ranked universities, the Chinese and Chinese-American population distribution in the cities, and data monitoring markets that are shifting in popularity for Chinese buyers using the website.
Aaron Terrazas, Zillow's senior economist, also pointed out that Chinese buyers are increasingly looking beyond pricey coastal cities to inland areas like Atlanta; Sacramento, Calif.; Pittsburgh; and Riverside, Calif.
"These more affordable markets are also experiencing strong job growth and are home to top-tier educational institutions, both of which are key attractions for Chinese shoppers looking to buy in the United States," Terrazas said.
As of March 2017, Chinese nationals have emerged as the top foreign buyers of U.S. real estate, spending US$31.7 billion in the market over 2017, according to Zillow.
The digital real estate marketplace forecasts that U.S. housing prices will firm 6% in 2018 nationwide, thanks to a strengthening labor market and a tight supply of new homes.