Where Investors Are Buying Homes (2025)
About one in ten mortgaged home purchases now goes to an investor instead of a resident. A state-by-state map of who is really buying.
Key findings
- Nationwide, 9.8% of mortgages taken out to buy a home in 2025 were for investment properties, not a place for the borrower to live, which is 351,436 of 3,592,033 home-purchase loans.
- Hawaii led the country: 17.0% of its home-purchase mortgages went to investors. Arkansas (15.5%) and Oklahoma (14.9%) followed.
- New Mexico had the smallest investor share at 5.4%.
- This counts only loans that actually closed (originations), so it reflects where investors are winning homes, not just bidding on them.
Every mortgage reported under HMDA records whether the property will be the owner's home, a second residence, or an investment. This takes every 2025 loan originated to purchase a home and measures the share flagged as an investment property, the clearest signal in the data of buyers who are landlords or flippers rather than residents. Nationally the figure is 9.8%, but it varies widely by state. HMDA is a near-census of mortgage lending, so these are exact counts; states with fewer than 1,000 home-purchase originations are omitted from the ranking.
United States, 2025
Top states by investor share
| Share of home-purchase mortgages | Investor share of home-purchase loans |
|---|---|
| Hawaii | 17% |
| Arkansas | 15.5% |
| Oklahoma | 14.9% |
| New Jersey | 13.4% |
| Missouri | 12.9% |
| New York | 12% |
| Kansas | 11.9% |
| California | 11.8% |
| Pennsylvania | 11.6% |
| Nebraska | 11.3% |
| Florida | 11% |
| Massachusetts | 10.8% |
| Mississippi | 10.6% |
| Louisiana | 10.5% |
| Tennessee | 10.5% |
All states
| State | Home-purchase loans | Investor loans | Investor share |
|---|---|---|---|
| Hawaii | 9,935 | 1,684 | 17.0% |
| Arkansas | 38,597 | 5,990 | 15.5% |
| Oklahoma | 47,287 | 7,061 | 14.9% |
| New Jersey | 81,024 | 10,851 | 13.4% |
| Missouri | 79,711 | 10,284 | 12.9% |
| New York | 119,881 | 14,332 | 12.0% |
| Kansas | 33,265 | 3,965 | 11.9% |
| California | 257,970 | 30,463 | 11.8% |
| Pennsylvania | 123,644 | 14,360 | 11.6% |
| Nebraska | 24,507 | 2,773 | 11.3% |
| Florida | 292,562 | 32,060 | 11.0% |
| Massachusetts | 62,800 | 6,754 | 10.8% |
| Mississippi | 30,006 | 3,181 | 10.6% |
| Louisiana | 41,291 | 4,355 | 10.5% |
| Tennessee | 91,425 | 9,578 | 10.5% |
| Illinois | 126,465 | 13,186 | 10.4% |
| Iowa | 41,879 | 4,319 | 10.3% |
| Connecticut | 35,676 | 3,638 | 10.2% |
| Ohio | 133,015 | 13,559 | 10.2% |
| Nevada | 38,593 | 3,898 | 10.1% |
| North Dakota | 8,375 | 842 | 10.1% |
| Kentucky | 51,753 | 5,196 | 10.0% |
| District of Columbia | 5,474 | 539 | 9.8% |
| Georgia | 129,478 | 12,694 | 9.8% |
| Alabama | 63,509 | 6,148 | 9.7% |
| North Carolina | 149,850 | 14,360 | 9.6% |
| Wisconsin | 66,746 | 6,372 | 9.5% |
| Montana | 11,766 | 1,080 | 9.2% |
| Vermont | 6,445 | 587 | 9.1% |
| Texas | 356,285 | 31,649 | 8.9% |
| South Dakota | 9,881 | 876 | 8.9% |
| Maryland | 63,681 | 5,593 | 8.8% |
| West Virginia | 17,150 | 1,502 | 8.8% |
| Rhode Island | 10,600 | 917 | 8.7% |
| Virginia | 103,337 | 8,364 | 8.1% |
| Maine | 16,396 | 1,300 | 7.9% |
| Delaware | 14,078 | 1,112 | 7.9% |
| Wyoming | 7,320 | 563 | 7.7% |
| Indiana | 87,808 | 6,688 | 7.6% |
| Idaho | 29,211 | 2,181 | 7.5% |
| New Hampshire | 15,283 | 1,110 | 7.3% |
| Arizona | 95,029 | 6,886 | 7.2% |
| South Carolina | 85,452 | 6,117 | 7.2% |
| Utah | 44,237 | 3,114 | 7.0% |
| Oregon | 43,910 | 3,025 | 6.9% |
| Michigan | 107,241 | 7,348 | 6.9% |
| Washington | 85,968 | 5,810 | 6.8% |
| Minnesota | 68,946 | 4,642 | 6.7% |
| Colorado | 81,568 | 5,381 | 6.6% |
| Alaska | 7,564 | 430 | 5.7% |
| New Mexico | 22,743 | 1,231 | 5.4% |
Investment property is occupancy type 3 in HMDA (not a principal residence or second home). Exact counts; no sampling margins of error.
Data Sources & Methodology
The figures on this page are computed directly from the source data below. Narrative text accompanies the figures but never generates them.
Home Mortgage Disclosure Act (HMDA) Loan/Application Register (LAR)
- Vintage:
- 2025
- Access:
- BigQuery
- Cadence:
- annual
Loan-level records of U.S. mortgage applications and originations reported under the Home Mortgage Disclosure Act. Each row is one application or loan, with loan terms, action taken, property and census-tract geography, and privacy-protected applicant demographics. It is a near-census of covered mortgage activity, enabling analysis of lending, denials, and access to credit.
HMDA requires most U.S. mortgage lenders to report every mortgage application and loan they act on. The annual snapshot file is a frozen national extract of these loan/application records (the Loan/Application Register, or LAR) for the reporting year.
The LAR is administrative data covering the large majority of U.S. mortgage activity, not a probability sample. Statistics are exact counts and shares over the reported records; there are no sampling weights and no sampling margins of error.
To protect applicant privacy, the public file bins or rounds several fields (for example age, income, loan amount, and debt-to-income and loan-to-value ratios) and withholds some values. Analyses use these modified fields as published.
Each record carries state and county FIPS codes and a census tract, supporting state, county, and tract-level analysis; metropolitan areas can be derived from county.
- HMDA covers lenders above reporting thresholds, so it captures the large majority, but not literally all, of U.S. mortgage activity.
- Several applicant fields are binned, rounded, or withheld for privacy, which limits precise computation on income, age, loan amount, and ratio fields.
- The data reflects applications and lender actions, not loan performance; it says nothing about whether loans were later repaid.
- Reported race, ethnicity, and sex follow HMDA collection rules and include "not provided" and institution-reported categories that require careful handling.
How these figures were produced
- Estimate type:
- Administrative near-census (exact counts)
- Weighting:
- None (not a weighted sample)
Suggested citation
Consumer Financial Protection Bureau, 2025 Home Mortgage Disclosure Act (HMDA) Loan/Application Register, via FFIEC. Analysis by Matt George, itsmattgeorge.com. Retrieved 2026-10-22.