President Donald Trump is pushing hard for Congress to ban Wall Street companies from buying single-family homes. He is right to worry that financial magnates are crowding out younger, middle-class homebuyers, especially in fast-growing southern cities. But there’s another type of homebuyer that the president and Congress should cut off at the pass: foreigners who are keeping our own citizens from the American Dream.
In one new paperI show that foreign home buyers are much more common than most people realize. Between April 2024 and March 2025 alone, foreigners purchased more than 78,000 U.S. homes. And buying houses abroad is becoming more common every year. Between 2024 and 2025 alone, foreign buyers spent 33% more on American homes than the year before.
Every home purchased by someone outside the U.S. leaves Americans with one less home to purchase. That fact alone raises prices for first-time homebuyers – it’s Economics 101. But the situation is even worse when you take into account the fact that almost half of foreigners paid in cash. Younger Americans and middle-class families simply can’t compete with cash-only offers, especially if they’re buying their first home. The playing field is tilted against them, in favor of people who may have never set foot in America.
But who exactly are these foreign home buyers?
HOUSE PASSES BI-PARTICULAR HOUSING LAW, AS TRUMP IS ZERO ON AFFORDABILITY CRISIS
Homes on the shore of a lake in Wasilla, Alaska, with orange trees and tall mountains in the fall. (iStock)
Shockingly, a large number of them come from economically and strategically rival countries. Most foreign home buyers come from communist China. They buy about one in six homes purchased abroad, and they will have dropped $13.7 billion on U.S. homes in 2025 alone.
Tellingly, nearly half of these Chinese buyers plan to use their new home as a way to obtain permanent residency in the United States, giving them preferential access to things like a college education for their children. In other words, not only are Chinese citizens pushing Americans out of their homes, they are also pushing Americans out of other American institutions.
Whether they are from China or elsewhere, it is important to note that these foreigners are not just buying apartments or townhouses. They are overwhelmingly buying the single-family detached homes that Americans most desire. Almost two in three foreign home purchases fall into this category. So foreign homebuyers are eclipsing the heart of the American Dream itself.
No matter where they come from or what kind of home they get, foreign homebuyers are standing in the way of American citizens. But other countries don’t make this mistake. They have imposed heavy restrictions on foreign homebuyers precisely because they want to put their own people first.
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Canada is an example of this. Although Canadian citizens are among the most common buyers of U.S. real estate, their own country bans most foreign home purchases. Many foreign purchases that are still allowed are hit with heavy taxes to deter them.
Every home purchased by someone outside the U.S. leaves Americans with one less home to purchase.
Likewise, China severely restricts foreign home buying, while many of its citizens buy homes in America. The double standard is clear – and so is the harm to the American people and interests. Our citizens are lining up behind homebuyers from our nation’s main strategic and economic rival. In what world does that make sense?
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The problem is clear, but so is the solution. Congress should ban foreigners from buying American homes, either with an outright ban or with heavy taxes that discourage purchases. The Republican Study Committee has already drafted a plan to significantly increase taxes on out-of-state homebuyers. Such innovative ideas deserve attention and action in the coming months.
This is not a matter of entrusting it to foreigners. It’s about standing up for our own citizens. The American Dream is for the American people, and young professionals and middle-class families urgently need it brought within their reach.
