Foreign and new-immigrant buyers are buying 7% of all Texas properties sold.
"What we're seeing is a very different kind of Mexican [buyer]," says real estate broker Alston Boyd, who owns Austin-based
Boyd & Boyd
. "We used to have so many [low-income] workers coming north, but now we have wealthy Mexicans buying homes and investment properties."
Boyd says Mexican elites are buying homes in Houston, San Antonio and other Texas locales to avoid crime sweeping some Mexican cities, particularly northern towns near the U.S. border.
"I don't want to completely blacken the name of Mexico, because there are places there that are very safe," he says. "But there are other places that are not safe."
Boyd says the added demand is giving the Lone Star State's housing market a Texas-sized boost.
"Any time you have 7% more investment in any market, that's going to help a great deal," he says.