Key Findings
- New York-Jersey City-White Plains ranks #9 among 71 major U.S. metros for investor-financed home purchases at 12.9% – and #3 nationally by raw investor loan volume with 6,462 investor loans, trailing only Houston and Dallas.
- New York has the 5th-widest gender gap in investor purchasing nationwide: male borrowers finance investments at 14.9% vs. 9.3% for female borrowers – a 5.6 percentage point disparity, double the 2.8 pp national average.
- New York is the largest metro in the top 10 by total market size (50,115 originations), generating more total mortgage activity than any other high-investor-concentration market.
- New York’s investor rate is 1.4x the national average (12.9% vs. 9.4%), meaning roughly 1 in 8 home purchases in the metro are investor-financed compared to 1 in 11 nationally.
In the nation’s largest housing market, investors are claiming a substantial slice of home purchases. New York ranks #9 nationally for investor-financed home purchase concentration – but the metro’s sheer size pushes it to #3 in raw investor loan volume, generating more investor activity than every other major market except Houston and Dallas. As federal policymakers debate restrictions on institutional home buying and New Yorkers face one of America’s most competitive housing environments, the data reveals that roughly 1 in 8 home purchases in the tri-state area are investor-financed, with a pronounced gender disparity that ranks among the nation’s widest.
The study, conducted by Reliable Cash House Buyers, analyzed Home Mortgage Disclosure Act (HMDA) data from the Consumer Financial Protection Bureau covering 2023 and 2024 loan originations across 71 major U.S. metropolitan areas. The analysis identified investor-financed purchases using HMDA’s occupancy_type field (Code 3: investment property), measuring the percentage of originated home purchase loans going to non-owner-occupied properties.
New York’s #9 Ranking: How It Compares to Other Major Markets
| Rank | Metro Area | Investor Share | Total Loans | Investor Loans |
| 1 | Miami, FL | 17.1% | 19,302 | 3,307 |
| 2 | Oklahoma City, OK | 17.0% | 19,624 | 3,330 |
| 3 | Memphis, TN | 15.9% | 13,637 | 2,162 |
| 4 | Philadelphia, PA | 15.2% | 18,330 | 2,781 |
| 5 | Little Rock, AR | 15.0% | 9,746 | 1,463 |
| 6 | Los Angeles, CA | 13.7% | 42,711 | 5,860 |
| 7 | Orlando, FL | 13.4% | 36,654 | 4,908 |
| 8 | New Orleans, LA | 13.2% | 6,889 | 908 |
| 9 | New York, NY-NJ | 12.9% | 50,115 | 6,462 |
| 10 | St. Louis, MO | 12.8% | 34,882 | 4,479 |
| – | National Average | 9.4% | – | 149,164 |
New York’s position in the top 10 reflects a unique dynamic: while smaller Sun Belt metros claim the top spots by concentration, New York’s massive market generates the third-highest investor loan volume nationally. With 50,115 total originations, New York is the largest metro in the top 10 by a significant margin – 17% larger than second-place LA (42,711) and over 7x the size of #8 New Orleans (6,889). This scale means that even at a 12.9% investor share, New York produces more investor loans than markets with higher concentrations.
By the Numbers: New York vs. the Nation
| Metric | New York | National Average | Difference |
| Investor Share (2024) | 12.9% | 9.4% | +3.5 pp |
| Investor Share (2023) | 11.7% | 8.5% | +3.2 pp |
| Year-over-Year Change | +1.2 pp | +0.9 pp | 33% faster growth |
| Approx. Ratio | 1 in 8 purchases | 1 in 11 purchases | – |
| Total Mortgage Originations (2024) | 50,115 | 1,589,583 (all 71 metros) | – |
| Investor Loans (2024) | 6,462 | 149,164 (all 71 metros) | – |
| Share Ranking | #9 | – | – |
| Volume Ranking | #3 | – | – |
New York’s gap over the national average is widening. In 2023, New York exceeded the national rate by 3.2 percentage points; by 2024, that gap stretched to 3.5 points. New York’s investor share grew 33% faster than the national pace (+1.2 pp vs. +0.9 pp), indicating that investor capital is flowing into the market at an accelerated rate. With roughly 1 in 8 New York home purchases investor-financed versus 1 in 11 nationally, tri-state homebuyers face notably stiffer competition from investment buyers.
Looking at the study, Jake Stoddard, Owner of Reliable Cash House Buyers commented:
“New York’s position tells two stories. By concentration, it ranks #9 – high but not extreme. By raw volume, it ranks #3 – generating more investor loans than almost any other metro in America. For the average New Yorker trying to buy a home, that volume matters: it means thousands of properties going to investors rather than owner-occupants every year. The 5th-widest gender gap in investor activity also raises questions about equitable access to wealth-building through real estate investment in the tri-state area.”
New York’s Volume Dominance: #3 Nationally by Investor Loan Count
| Volume Rank | Metro | Investor Loans | Share Rank | Investor Share |
| #1 | Houston, TX | 7,488 | #42 | 8.6% |
| #2 | Dallas, TX | 6,775 | #34 | 9.4% |
| #3 | New York, NY-NJ | 6,462 | #9 | 12.9% |
| #4 | Los Angeles, CA | 5,860 | #6 | 13.7% |
| #5 | Chicago, IL | 5,748 | #41 | 8.7% |
| #6 | Orlando, FL | 4,908 | #7 | 13.4% |
| #7 | St. Louis, MO | 4,479 | #10 | 12.8% |
| #8 | Phoenix, AZ | 4,093 | #60 | 6.3% |
| #9 | Riverside, CA | 3,761 | #39 | 8.8% |
| #10 | Las Vegas, NV | 3,662 | #13 | 12.0% |
New York’s #3 volume ranking highlights the power of market scale. Houston and Dallas generate more investor loans despite lower concentration rates (8.6% and 9.4% respectively) because their overall markets are so large. New York is the only metro in the volume top 5 that also ranks in the share top 10 – a combination of high concentration and massive market size that makes it a uniquely significant player in the national investor landscape. New York’s 6,462 investor loans exceed LA (#4), Chicago (#5), Orlando (#6), and every Florida metro.
Coast-to-Coast Rivalry: New York vs. Los Angeles
| Metric | New York | Los Angeles | Leader |
| National Ranking (Share) | #9 | #6 | LA |
| National Ranking (Volume) | #3 | #4 | NYC |
| Investor Share (2024) | 12.9% | 13.7% | LA (+0.8 pp) |
| Investor Loans (2024) | 6,462 | 5,860 | NYC (+602) |
| Year-over-Year Change | +1.2 pp | +1.9 pp | LA (faster growth) |
| Total Originations (2024) | 50,115 | 42,711 | NYC (+17%) |
| Gender Gap | 5.6 pp (#5) | 2.9 pp (#27) | NYC (wider) |
In the rivalry between America’s two largest coastal metros, each city claims different victories. Los Angeles leads by rate – its 13.7% investor share is 0.8 points higher than New York’s 12.9%, and LA’s growth is accelerating faster (+1.9 pp vs. +1.2 pp). But New York leads by volume – its 6,462 investor loans exceed LA’s 5,860 by 602 loans (10% more). New York’s larger overall market (50,115 vs. 42,711) drives this volume advantage. One notable difference: New York has a significantly wider gender gap (#5 nationally at 5.6 pp) compared to LA (#27 at 2.9 pp).
New York Among America’s Mega-Metros: The Big Six Comparison
| Rank | Mega-Metro | Investor Share | YoY Change | Investor Loans |
| #6 | Los Angeles, CA | 13.7% | +1.9 pp | 5,860 |
| #9 | New York, NY-NJ | 12.9% | +1.2 pp | 6,462 |
| #34 | Dallas, TX | 9.4% | +1.7 pp | 6,775 |
| #41 | Chicago, IL | 8.7% | +1.0 pp | 5,748 |
| #42 | Houston, TX | 8.6% | +1.2 pp | 7,488 |
| #60 | Phoenix, AZ | 6.3% | 0.0 pp | 4,093 |
| – | National Average | 9.4% | +0.9 pp | – |
Among America’s six largest metropolitan areas, New York ranks #2 for investor concentration – behind only Los Angeles and well ahead of Dallas (#34), Chicago (#41), Houston (#42), and Phoenix (#60). New York’s 12.9% rate is 3.5 points higher than Dallas, 4.2 points higher than Chicago, and more than double Phoenix’s 6.3%. Both coastal mega-metros (NYC and LA) significantly outpace their Sun Belt and Midwest counterparts in investor activity, suggesting that high-cost coastal markets attract proportionally more investment capital.
New York Leads the Northeast Corridor
| Rank | Northeast Metro | Investor Share | YoY Change | Investor Loans |
| #4 | Philadelphia, PA | 15.2% | -0.2 pp | 2,781 |
| #9 | New York, NY-NJ | 12.9% | +1.2 pp | 6,462 |
| #22 | Bridgeport-Stamford, CT | 10.1% | +2.5 pp | 801 |
| #24 | Rochester, NY | 10.0% | +1.5 pp | 929 |
| #26 | Boston, MA | 9.9% | +0.7 pp | 1,619 |
| #31 | New Haven, CT | 9.6% | +1.2 pp | 477 |
| #33 | Baltimore, MD | 9.5% | +0.9 pp | 2,864 |
| #44 | Providence, RI | 8.4% | 0.0 pp | 1,252 |
| #47 | Pittsburgh, PA | 8.3% | +0.4 pp | 1,882 |
| #52 | Buffalo, NY | 7.9% | +0.1 pp | 777 |
| #57 | Hartford, CT | 7.1% | +0.5 pp | 841 |
Among Northeast Corridor metros, only Philadelphia (#4 at 15.2%) outranks New York for investor concentration. But New York dominates by volume, generating more than twice as many investor loans as any other Northeast metro – 6,462 compared to Baltimore’s 2,864 (#2 in the region) and Philadelphia’s 2,781 (#3). The Connecticut metros (Bridgeport-Stamford and New Haven) are experiencing some of the fastest growth in the region, with Bridgeport posting a +2.5 pp increase – the 5th-fastest nationally.
Gender Gap Alert: New York Ranks #5 Nationally for Investor Disparity
| Rank | Metro | Male Investor % | Female Investor % | Gender Gap |
| #1 | Memphis, TN | 15.5% | 7.7% | 7.7 pp |
| #2 | Harrisburg, PA | 12.4% | 5.7% | 6.7 pp |
| #3 | Rochester, NY | 11.2% | 5.1% | 6.1 pp |
| #4 | Detroit, MI | 11.6% | 5.6% | 6.0 pp |
| #5 | New York, NY-NJ | 14.9% | 9.3% | 5.6 pp |
| #6 | Philadelphia, PA | 14.1% | 8.7% | 5.5 pp |
| #7 | Little Rock, AR | 10.5% | 5.1% | 5.3 pp |
| #8 | St. Louis, MO | 10.4% | 5.0% | 5.3 pp |
| – | National Average | 9.2% | 6.4% | 2.8 pp |
New York has the 5th-widest gender gap in investor home purchasing among all 71 metros analyzed. Male primary borrowers in the NYC metro finance investment properties at 14.9%, while female primary borrowers do so at 9.3% – a gap of 5.6 percentage points, double the 2.8-point national average. This places New York among a cluster of metros with significant gender disparities in investment activity, alongside Northeast peers Philadelphia (#6 at 5.5 pp) and Rochester (#3 at 6.1 pp). The finding raises questions about equitable access to real estate investment opportunities in the tri-state region.
New York Investor Activity at a Glance
| Metric | Value |
| National Ranking (by Share) | #9 of 71 metros |
| National Ranking (by Volume) | #3 (by investor loan count) |
| Top-10 Size Ranking | Largest by total loans |
| Investor Share (2024) | 12.9% |
| Investor Share (2023) | 11.7% |
| Year-over-Year Change | +1.2 percentage points |
| YoY Growth Ranking | #20 of 71 metros |
| Total Mortgage Originations (2024) | 50,115 |
| Investor Loans (2024) | 6,462 |
| Investor Loans (2023) | 5,842 |
| Investor Loan Growth | +620 loans (+10.6%) |
| Raw Growth Ranking | #7 nationally (by loan increase) |
| Approximate Investor Ratio | 1 in 8 home purchases |
| vs. National Average | 1.4x higher (12.9% vs. 9.4%) |
| vs. Los Angeles (by Volume) | +602 more investor loans |
| Mega-Metro Ranking | #2 (behind LA, ahead of Dallas/Chicago/Houston/Phoenix) |
| Gender Gap Ranking | #5 widest of 71 metros |
| Male Investor Rate | 14.9% |
| Female Investor Rate | 9.3% |
| Gender Gap | 5.6 pp (2x national average) |
Methodology
Study Overview:
Reliable Cash House Buyers analyzed Home Mortgage Disclosure Act (HMDA) loan-level data to identify which U.S. metropolitan areas have the highest concentration of investor-financed home purchases.
Data Collection Process:
Primary Data Source: Home Mortgage Disclosure Act (HMDA) Loan/Application Register (LAR)
Publisher: Consumer Financial Protection Bureau (CFPB) / Federal Financial Institutions Examination Council (FFIEC)
Years: 2023 and 2024
Data Type: Loan-level mortgage origination records
Geographic Scope:
Starting Sample: 75 largest U.S. metropolitan areas by 2023 population (U.S. Census Bureau estimates)
Final Sample: 71 metropolitan areas (4 metros excluded due to incomplete 2023 HMDA data)
HMDA Download Filters Applied:
Loan Purpose: Code 1 (Home purchase only)
Action Taken: Code 1 (Loan originated only)
Excluded: refinances, home improvement loans, denials, withdrawals, incomplete applications
Key Definitions:
Investor-Financed Purchase: HMDA field occupancy_type = Code 3 (Investment property). Per CFPB Regulation C, §1003.4(a)(6): “A property is an investment property if the borrower does not, or the applicant will not, occupy the property.” Includes rental properties and properties held for resale; excludes principal residences (Code 1) and second homes (Code 2).
Investor Share Percentage: (Investor-financed originations ÷ Total home purchase originations) × 100
Data Sources
HMDA Data: Consumer Financial Protection Bureau. Home Mortgage Disclosure Act (HMDA) Loan/Application Register. 2023 and 2024. https://ffiec.cfpb.gov/data-publication/
Population Data: U.S. Census Bureau. Annual Estimates of Resident Population for Metropolitan Statistical Areas. 2023. https://www.census.gov/programs-surveys/popest.html
HMDA Definitions: CFPB Regulation C, §1003.4(a)(6). Occupancy Type. Code of Federal Regulations, Title 12, Chapter X.
Research Dataset: https://docs.google.com/spreadsheets/d/1AklGq_yucBItHb2NBicqqvftbSKVRogJ6-UjSTs4opE/edit?gid=1424417751#gid=1424417751
Study by: https://www.reliablecashhousebuyers.com/
About Reliable Cash House Buyers
Reliable Cash House Buyers provides homeowners with fair, fast cash offers for their properties. Our mission is to help homeowners navigate challenging financial situations with dignity and transparency. For more information or media inquiries related to this report, contact our team.
