‘Emerging cities’ have obstacles too
Lower housing costs in 14 “emerging gateway cities” do not immediately translate into higher homeownership rates for both foreign-born and U.S.-born migrants who leave the traditional gateway cities of Los Angeles, New York, Chicago, Miami, San Francisco or San Diego, according to a new study by USC’s Lusk Center for Real Estate.
The new residents of Atlanta; Boston; Dallas; Denver; Houston; Las Vegas; Orlando, Fla.; Philadelphia; Phoenix; Sacramento; Seattle; Tampa, Fla.; the Washington, D.C./Baltimore corridor; and West Palm Beach, Fla., face the same challenges to homeownership as in the bigger cities: finding a job, earning enough to afford a home and finding an affordable one.
During the last decade, 47% of immigrants entered the United States through these cities, so immigration will have a greater effect on these areas, according to the study.
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