Of the 40 states and the District of Columbia where we are licensed, New Jersey is fourth for investment-property home purchases: about 13.4 of every 100 home-purchase loans originated there in 2025 were reported for an investment property, against about 9.8 nationally. Hawaii (17.0), Arkansas (15.5) and Oklahoma (14.9) are higher. New Mexico (5.4), Alaska (5.7) and Colorado (6.6) are the smallest three. This study is written for real estate investors weighing business-purpose loans.
What the data covers, and what it does not
HMDA, the Home Mortgage Disclosure Act, requires covered lenders to report their mortgage loans to the federal government. The Consumer Financial Protection Bureau publishes the result. It is a count of every reported loan, not a sample, so there are no margins of error. It has limits:
- Lenders that report. A lender reports when it meets the size tests in Regulation C. One test is at least 25 closed-end mortgage loans in each of the two preceding calendar years. Loans from lenders below the tests are not here.
- Business-purpose loans. Regulation C leaves out a loan made primarily for a business or commercial purpose unless it is a home purchase, home improvement or refinancing. Home purchases are in; other business-purpose loans are not.
- Occupancy is as reported. The lender records one of three codes: principal residence, second residence or investment property. This study counts the third.
- Not DSCR loans. The data have no field for rental income, debt service coverage or how a loan was underwritten, so this study cannot tell which loans were DSCR loans and does not claim to. It also does not look at who the borrower was.
The table: 40 states and the District of Columbia
The second column counts investment-property home-purchase loans in every 100 home-purchase loans originated in the state in 2025. The fourth column takes those investment-property loans and counts how many in every 100 were flagged as made primarily for a business or commercial purpose.
| State | Investment-property loans per 100 home-purchase loans | Investment-property home-purchase loans | Flagged business-purpose, per 100 of those |
|---|---|---|---|
| Hawaii | 17.0 | 1,684 | 77.7 |
| Arkansas | 15.5 | 5,990 | 64.4 |
| Oklahoma | 14.9 | 7,061 | 62.3 |
| New Jersey | 13.4 | 10,851 | 80.2 |
| Kansas | 11.9 | 3,965 | 58.5 |
| California | 11.8 | 30,463 | 74.1 |
| Pennsylvania | 11.6 | 14,360 | 74.2 |
| Florida | 11.0 | 32,060 | 77.4 |
| Massachusetts | 10.8 | 6,754 | 73.2 |
| Mississippi | 10.6 | 3,181 | 72.1 |
| Louisiana | 10.5 | 4,355 | 46.7 |
| Tennessee | 10.5 | 9,578 | 66.1 |
| Illinois | 10.4 | 13,186 | 66.0 |
| Iowa | 10.3 | 4,319 | 51.0 |
| Connecticut | 10.2 | 3,638 | 81.7 |
| Ohio | 10.2 | 13,559 | 73.7 |
| Nevada | 10.1 | 3,898 | 75.8 |
| Kentucky | 10.0 | 5,196 | 57.5 |
| District of Columbia | 9.8 | 539 | 73.1 |
| Georgia | 9.8 | 12,694 | 64.7 |
| Alabama | 9.7 | 6,148 | 67.2 |
| North Carolina | 9.6 | 14,360 | 67.3 |
| Wisconsin | 9.5 | 6,372 | 62.5 |
| Montana | 9.2 | 1,080 | 70.6 |
| Texas | 8.9 | 31,649 | 64.4 |
| Maryland | 8.8 | 5,593 | 70.6 |
| Virginia | 8.1 | 8,364 | 67.9 |
| Delaware | 7.9 | 1,112 | 71.9 |
| Indiana | 7.6 | 6,688 | 67.6 |
| Idaho | 7.5 | 2,181 | 55.6 |
| New Hampshire | 7.3 | 1,110 | 71.0 |
| Arizona | 7.2 | 6,886 | 66.7 |
| South Carolina | 7.2 | 6,117 | 66.0 |
| Utah | 7.0 | 3,114 | 71.5 |
| Oregon | 6.9 | 3,025 | 71.1 |
| Michigan | 6.9 | 7,348 | 74.9 |
| Washington | 6.8 | 5,810 | 76.3 |
| Minnesota | 6.7 | 4,642 | 50.3 |
| Colorado | 6.6 | 5,381 | 69.2 |
| Alaska | 5.7 | 430 | 63.7 |
| New Mexico | 5.4 | 1,231 | 61.7 |
| United States, national figure | 9.8 | 349,948 | 69.4 |
Source: Consumer Financial Protection Bureau, HMDA Data Browser, 2025 data, read November 10, 2026. Ratios worked out by Fidelity Residential.
What the table shows
- The nation. 349,948 of 3,576,617 home-purchase loans originated in 2025 were reported for an investment property, about 9.8 in every 100. 20 of the 40 states and the District of Columbia are above that figure and 21 are below it.
- Counts. Florida has the most investment-property home-purchase loans, 32,060, then Texas with 31,649 and California with 30,463. Hawaii has the highest ratio, but its count is 1,684.
- New Jersey has 10,851 such loans, fourth by ratio. In the fourth column it is second, at about 80.2, behind Connecticut at about 81.7. Louisiana is smallest in that column, at about 46.7.
- The business-purpose flag is incomplete. Lenders may report the field as yes, no or exempt. Nationally about 11 in every 100 investment-property purchase loans carry the exempt code, so the fourth column understates how many were business-purpose.
How we did this
- Dataset: CFPB HMDA Data Browser, 2025 data, loans originated (action taken 1), read November 10, 2026.
- Denominator: home-purchase loans originated (loan purpose 1), all occupancy types, per state, from the Browser’s aggregation report.
- Numerator: the same loans where occupancy type is 3, investment property, counted from each state’s downloaded file.
- Formula: investment-property home-purchase loans divided by home-purchase loans, times 100. The national figure sums all states and the District of Columbia.
- Check: in every state, the home-purchase loans counted in the downloaded file equal the aggregation count.
Open data. The table may be cited with credit to Fidelity Residential and a link to fidresi.com/insights/investor-home-purchases-by-state/.
If you want to read about business-purpose loans
The table says nothing about any loan we offer. Our DSCR loans page puts it this way: “No tax returns or pay stubs; credit, assets and the appraisal are still checked.” Loan programs differ from state to state, and the states in this table are where we are licensed, which says nothing about any one program. For the rent side of the same market, see rent compared with home values.
Frequently asked questions
Why does the table show 40 states and the District of Columbia?
Fidelity Residential is licensed in 40 states and the District of Columbia, and the table covers those.
Are these DSCR loans?
No. The data record the occupancy and purpose of each loan, not how it was underwritten, so DSCR loans cannot be picked out of them.
Why is there no margin of error?
HMDA is a report of loans by the lenders that file, not a survey sample, so each figure is a count. The limits are in the coverage section above.
Sources
- Consumer Financial Protection Bureau, FFIEC, HMDA Data Browser API documentation (opens in a new tab), accessed November 10, 2026.
- Consumer Financial Protection Bureau, FFIEC, HMDA Data Browser, 2025 data (loans originated, by state) (opens in a new tab), accessed November 10, 2026.
- Consumer Financial Protection Bureau, FFIEC, HMDA loan/application register (LAR) data fields: occupancy_type, loan_purpose, action_taken, business_or_commercial_purpose (opens in a new tab), accessed November 10, 2026.
- Consumer Financial Protection Bureau, Regulation C, 12 CFR 1003.2 (definitions, including financial institution) and 1003.3 (exempt institutions and excluded transactions) (opens in a new tab), accessed November 10, 2026.
Facts from these sources are stated in our own words. Last reviewed .
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