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Memphis records steepest rise in millionaire households amid investor buying
Memphis has recorded the fastest rise in millionaire households among the cities discussed, as investors buy more homes in the area. The shift matters because it is bringing wealth and investment to a city known for high property crime, while raising questions about the role of large institutional buyers in local housing markets.
RentCafe figures cited in the article show 52 millionaire households in Memphis in 2019 and a reported increase of 489 by 2023. Institutional investors made up 14.8 per cent of home sales in the metro area in the first quarter, second only to Alabama at 15 per cent; Memphis saw 525 investor purchases, compared with 63 in Mobile. The article also cites a property crime rate of 4,967.3 per 100,000 residents and says crime has since fallen, while investors anticipate selling homes at higher prices if interest rates decline.
In short
- Memphis has seen a sharp rise in millionaire households.
- Institutional investors accounted for 14.8 per cent of local home sales.
- The city’s high property crime rate is reportedly declining.
Read the full article at the source →
Originally published by Daily Mail as “Famously-dangerous city of Memphis now seeing faster rise in millionaire homeowners than anywhere else”.