A small beach town north of Miami is home to a large concentration of Russians, but Little Moscow is not the only place they call home. Georgia and New York may be worried about their assets as President Joe Biden targets Russia's elite and their families with sanctions that aim to minimize their financial footprint. Russians are the only foreign buyers who purchased US residential property from April 2015 to March 2021, according to the National Association of Realtors. Although small in number, they spend more on their home purchases than any other foreign demographic, and most already hold US visas. Gay Cororaton, NAR's senior economist and director of housing, said that foreign buyers, including those from Russia, find the US an attractive destination because of the appeal of the property locations to the buyers and stable capital-appreciation returns. Over the past decade, US home prices have risen annually. Not all Russians in the US are wealthy, or support Putin. The typical Russian homebuyer is in the US. Wealthy Russians have poured billions of dollars into US real estate since the collapse of the Soviet Union. It has become a popular homebuying destination due to its hospitable climate and Ivy league schools. Some states, such as Florida and New York, are known as top homebuying destinations for Russians, but there are other places where they have put down roots. Florida was the top 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 800-361-3020 According to The Real Deal, an estimated 5,500 ultra-high-net-worth Russian individuals hold about $240 billion in real estate worldwide. The average is $43 million per person. The wealthiest households in Russia have net worths over $100 million, according to the Moscow Times. Those who can afford to relocate to the United States typically purchase expensive homes. The median purchase price among Russian buyers was $325,000, which is slightly higher than the $303,200 median purchase price among US foreign buyers. Russian buyers paid more for their home purchases in markets that boasted heftier prices than foreign buyers, according to the National Association of Real Estate agents. Russian foreign buyers tend to purchase more expensive properties in places like New York because they are more expensive. Keep reading.
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