How to Buy an Apartment in the U.S. in 2026: The Complete Guide for French Buyers

Published on June 11, 2026 and written by Cyril Jarnias

Buying an apartment in the United States in 2026 is attracting more and more French people, whether to diversify their assets, prepare for an expatriation, house a student child, or invest in the American rental market. The good news is that the American legal framework is very open to foreigners. The bad news is that the process is technical: financing, taxes, foreign exchange, city selection, closing procedures… nothing can be improvised.

Understanding the general framework for a French buyer in the United States

The United States stands out for its great openness to foreign real estate buyers. For a French person, this immediately removes a major administrative hurdle.

Legal status: a very open market for non-residents

The framework is simple: the United States imposes no nationality restrictions on buying real estate, whether residential or commercial. A French person can therefore buy an apartment, a house, a condo, an income-producing property, without a green card, visa, or U.S. resident status.

However, buying an apartment in the United States does not grant any automatic right to stay. Property ownership and immigration status are two completely separate matters. If the goal is also to live there, the question of a U.S. visa must be handled separately, as there is no “residential real estate investor visa” guaranteeing the right to remain.

2026: a year of exchange rate and interest rate changes to watch

The report notes that 2026 is a year of currency volatility rather than a “big bang” year for the euro/dollar. Spectacular movements are considered unlikely, but variations of 5 to 10% on the EUR/USD pair are considered highly plausible.

When converting several hundred thousand euros into dollars, these fluctuations become crucial: on a budget of €500,000, an unfavorable 5% variation already represents the equivalent of a new car lost purely to exchange rate movements.

The authors therefore insist on a “structural rather than speculative” approach: instead of trying to “play” the foreign exchange market, the idea is to integrate currency risk into the overall strategy, using tools such as currency forwards or multi-currency accounts.

USA vs. France: comparing ancillary costs

The report takes a detour through the French market to put ancillary costs into perspective. In France, acquisition costs for existing properties range between 7 and 9% of the price (mainly transfer taxes and notary fees), whereas U.S. closing costs are generally between 2 and 5% of the price.

In other words, even if American purchase costs are not negligible, they remain on average lower than what a French person is used to paying at home. This makes profitability comparisons more favorable to the U.S. market, provided other costs are not underestimated: sometimes high property taxes, condo fees, insurance, management fees, etc.

Choosing the right city and the right type of apartment

The first concrete decision is to select a local market. The United States is not homogeneous: the real estate dynamics in Orlando are completely different from those in New York or Phoenix.

The most attractive U.S. cities in 2026 for foreign investors

The report identifies a top 5 of U.S. cities offering, in 2026, a return on investment (ROI) potential above the national average for international investors: Orlando, Dallas, Phoenix, Atlanta, and Miami.

These five cities are highlighted for different reasons, but all combine economic growth, rental demand, and appreciation prospects.

The report emphasizes that these markets outperform the national average in terms of potential ROI. For a French person, this means that, all else being equal, these cities offer an interesting combination of rents, occupancy rates, and appreciation prospects.

Other major metropolises: prestige, jobs, but high competition

Alongside this top 5 “ROI,” the report mentions other significant cities: New York, Los Angeles, San Francisco, Austin, Houston, Washington D.C., Portland, Honolulu, Riverside, Fort Myers, Tampa.

Some are described as particularly attractive for returning expatriates or highly skilled profiles:

– Miami is presented as a very international city, with no state income tax, and a huge flow of foreign investment.

– New York is explicitly described as a global financial center.

– Los Angeles and San Francisco are described as “Pacific Rim” markets, oriented toward the Pacific coast and Asia.

– Austin and Houston are categorized as tech/energy hubs, with 0% state income tax in Texas.

The report nevertheless insists on one point: the “best” market depends on the country of origin and the professional profile of the future occupant. An apartment intended to house a student child or an expatriate employee in finance is not chosen based on the same criteria as a purely rental property in the Sun Belt.

Focus on foreign demand in 2026

In 2026, the most sought-after destinations by foreign buyers in the first quarter are listed in the following order: Miami, New York, Los Angeles, Orlando, Tampa, Dallas, Phoenix, Houston, Fort Myers, and Riverside.

Miami is at the top, followed by New York and Los Angeles, confirming the symbolic and economic weight of major coastal metropolises. The report also notes a frequent shift toward the Sun Belt (Florida, Texas, Arizona), very popular with Canadians: Phoenix, Tampa, North Port, Riverside, Cape Coral… For a French person, this means a very international environment where banks and professionals are accustomed to non-resident profiles.

Step 1: clarify your project and budget in euros and dollars

Before clicking on the first Zillow listing, the report clearly recommends starting with the financial strategy, not with the heart’s desire.

Define your budget taking into account the exchange rate

The report emphasizes a common mistake: setting a real estate budget only in dollars without seriously considering the cost in euros, including exchange fees. The crucial variable is not the “price of the property in dollars,” but the total in euros you will actually have spent, including bank fees and exchange margins.

For a French person, this implies three steps:

The report notes that an exchange rate difference can easily represent £30,000 on a €500,000 purchase in other international contexts. Transposed to the euro/dollar pair, the order of magnitude is similar.

Build a realistic monthly budget (future rent vs. expenses)

If you are buying to invest, you need to match the potential rent against all expenses:

– local property tax, which can go up to 2% of the property’s value per year depending on the state and county;

– condo fees (HOA dues) if you buy a condo in a managed building or community;

– homeowners insurance;

– possible property management fees;

– routine maintenance and major repairs.

The report reminds that, for a tenant, it is common in the United States to aim for rent equal to about 30% of gross monthly income. As a landlord, this is useful for testing the solvency of your future tenants and calibrating your rent.

Step 2: organize financing for a French buyer

Contrary to popular belief, a French person can obtain a mortgage in the United States. But the rules are not those for a typical U.S. resident.

The main features of “foreign national mortgages”

American banks offer specific programs for foreign buyers, often called “foreign national mortgages.” The report describes their common characteristics:

– a much higher down payment requirement than for an American: most banks require between 30 and 50% down for a non-resident;

– access to specialized programs allowing a down payment as low as 25–40% for a French person with a good profile, or even 10–20% with very specialized organizations like those working with partners such as Invexa, at the cost of stricter conditions;

– loan terms often limited to 15–20 years;

– a higher interest rate than a standard resident loan, with a premium of about 0.5 percentage points above rates offered to American residents.

To grant these loans, banks rely on documents from the borrower’s home country. On the French side, the report mentions the following documents as standard:

– French passport;

– French tax notice (equivalent to the U.S. tax transcript);

– income tax return Form 2042;

– French bank account statements over several months;

– bank confirmation from an institution such as BNP Paribas, Société Générale, or Crédit Agricole;

– proof of funds for the down payment and closing costs.

American lenders generally accept these documents to assess the repayment capacity of a French person without a U.S. credit history.

Special case: DSCR loans for rental investment

If the purchased apartment is strictly for rental, the report highlights the existence of loans based on the Debt Service Coverage Ratio (DSCR). Here, the bank is less concerned with the borrower’s personal income than with the property’s cash flow: the projected rent must cover, according to the lender’s policy, all or part of the monthly loan payment and expenses.

Can you buy without a U.S. credit history?

According to the report, the lack of a U.S. credit history is not an insurmountable obstacle. “Foreign national” programs are designed precisely for profiles without a Social Security Number or FICO score. Banks then rely on:

– French banking and tax history;

– the down payment level (the higher it is, the more comfortable the bank);

– assets available in other countries;

– where applicable, projected rental income.

Or pay cash?

Half of foreign buyers pay cash on the U.S. market, according to data compiled in the report. For a French buyer, this avoids the constraints of an American bank (documentation, delays, contingencies), but requires transferring and converting the entire purchase price into dollars, with a more concentrated currency risk.

That is where the hedging strategies described in the report make full sense: multi-currency account, currency forwards, staggered transfers over time, working with a currency broker capable of reducing the margin to about 0.2% on large amounts, etc.

Documents to prepare for financing

For a French person buying an apartment in the United States with a loan, the report lists a core set of documents:

The report specifies that a French person can obtain a loan in the United States even without a U.S. credit history, provided they accept these documentary requirements and the discipline of the bank’s review process.

Step 3: protect yourself from currency risk between the euro and the dollar

For a French investor, currency risk is as important as the loan interest rate. The report devotes a large section to hedging strategies, applicable to American real estate purchases.

Why currency risk is far from trivial

In 2026, the report’s analysts consider highly likely variations of 5 to 10% in the EUR/USD rate in the short or medium term. On a $400,000 apartment, a 10% deterioration in the rate for a buyer using euros represents an additional cost of around $40,000 equivalent.

The report emphasizes a key point: the major mistake of foreign investors is not to include this parameter in their budget, to rely on a rate “seen on Google” at the start of the project, and then to suffer the market at the time of signing.

Basic tools recommended for a French buyer

Several instruments are described and recommended:

The report recommends opening an account with a specialized currency broker 6 to 12 months before the purchase, with no fees or obligations, precisely to be able to “trigger” at the right moment. In the case of a purchase in the United States, this allows securing in advance the rate applicable to the earnest money deposit and then to the closing, rather than suffering a weakened euro at the last moment.

Spread out and structure your conversions

The text also mentions “dollar-cost averaging” strategies: instead of converting the entire budget at once, it is possible to schedule several conversions spread over a few months, which smooths out the risk. This is particularly relevant if the developer or seller accepts staggered payments (for example, in an off-plan purchase or a progressive payment schedule).

– Avoid last-minute conversions before a critical deadline (Fed decision, elections, etc.);

– Regularly monitor central bank announcements and major political events;

– Treat the currency exchange question as a central part of the project, not as a logistical detail.

Step 4: find and analyze an apartment remotely

Once the financial strategy is in place, it’s time to search for the property. For a French person not yet living on site, the report recommends a 100% digital but highly methodical approach.

Use the right online tools

Several American real estate search platforms are cited:

– Zillow, Trulia, HotPads, Redfin, Realtor.com: aggregators with very user-friendly maps and a large number of listings;

– Apartments.com: particularly suitable for large professionally managed complexes, often more “expat-friendly” as they are used to international profiles;

– Craigslist and Facebook Marketplace: useful for spotting opportunities from small landlords, but also highly exposed to scams, requiring maximum vigilance.

The report recommends using several platforms in parallel because none covers 100% of the market, and to enable real-time alerts everywhere rather than daily or weekly digests when the market is tight.

Check the neighborhood without being there

The text emphasizes the power of tools like Google Maps and Street View to “walk” virtually through the neighborhood:

The report suggests complementing this view with more objective data: crime statistics on sites like NeighborhoodScout, SpotCrime, or City-Data, and feedback from local forums and subreddits (e.g., r/AskNYC, r/Chicago), where residents are frank about which areas to avoid.

Never rely solely on photos

The authors are clear: you should never sign a 12-month lease or a purchase agreement based only on photos. If you cannot travel, the minimum is to request a live video tour (Zoom, WhatsApp, FaceTime) to:

This logic also applies to a purchase: even if a professional inspection will come later, a video tour allows you to immediately rule out properties whose reality does not match the photos.

Detect fraudulent listings

To protect against scams, the report recommends using Google Reverse Image Search: simply drag the listing photos into the image search engine. If the same pictures appear for other addresses, in other cities, or on old listings, it is most likely a fake.

The report also reminds that most U.S. counties have public tax assessor websites that allow you to verify under whose name a property is registered. If the name of the “owner” does not match or if the seller refuses to provide verifiable information, it is a red flag.

Step 5: from accepted offer to closing – the step-by-step process

Once the apartment is identified, the core of the American process begins. The report describes a standard sequence that applies to both Americans and French buyers.

Negotiate and make an offer

The offer is made through a real estate agent (buyer’s agent) who prepares a standard offer contract for the relevant state. This document specifies:

– the offered price;

– the planned down payment amount;

– the contingencies (suspensive conditions): obtaining financing, satisfactory inspection, clean title, etc.;

– the target closing timeline;

– the amount of earnest money (good faith deposit).

The report indicates that this good faith deposit is most often between 1 and 3% of the price. It is placed in an escrow account within 3 days of the offer being accepted.

Inspection, appraisal, and contingency period

Once the offer is accepted, the file goes into “escrow.” Several technical steps follow:

The contingency period, which often lasts 7 to 15 days, is the window during which you can renegotiate or withdraw without losing your earnest money if the inspection reveals a major problem or if financing cannot be obtained under the planned terms.

Role of the closing agent and title company

The report recalls the key role of the title company or the attorney handling the closing, depending on the state. This entity:

– conducts a title search to verify that the property is not encumbered by debts, unpaid mortgages, liens, or problematic easements;

– arranges the purchase of title insurance, which protects the buyer and lender against title defects not discovered at the time of purchase;

– holds the funds in its escrow account, then distributes them on the day of closing.

Closing: signing and transfer of ownership

The closing is when:

According to the report, closing costs in the United States average between 2 and 5% of the property price. They are sometimes split with the seller, but the details depend on local practice and negotiation.

Once the funds are received and the deed is recorded in the county registry, you officially become the owner and receive the keys.

Closing remotely from France

The report details three options for a foreigner who cannot or does not wish to travel for the closing:

– Power of Attorney given to a representative on site (attorney, family member) authorized to sign on your behalf;

– Remote Online Notarization (RON), increasingly common, allowing you to sign notarized documents remotely via a secure online platform with live identity verification;

– mail-away signature, where documents are sent, signed manually, and returned, some requiring certification by a U.S. consulate or a partner notary.

The report notes that some formalities must be completed before a U.S. notary or a U.S. consulate, requiring advance planning for appointment times.

Step 6: understand the main tax issues for a French resident

Beyond the purchase itself, a French person who owns an apartment in the United States must deal with two tax systems: American and French. The report provides several important benchmarks.

U.S. taxes on property and income

Several U.S. tax items must be integrated into the investment’s economic model:

The report reminds that, for a French tax resident, gains and income from a U.S. property must also be declared in France, but they benefit from the mechanism of the bilateral tax treaty to avoid full double taxation.

FIRPTA: withholding tax at resale

The Foreign Investment in Real Property Tax Act (FIRPTA) is a point many foreign buyers discover too late, but the report explains it in detail: when a non-resident sells real estate in the United States, the buyer (or closing agent) must generally withhold 15% of the gross sale price and remit it to the IRS as an advance payment on the potential capital gain.

There are exceptions, for example when the price is below a certain threshold and the buyer commits to occupying the property as a primary residence for a significant part of the year, but for a rental investor, FIRPTA remains a standard element of the game.

Interaction with French taxation (IFI, income tax, capital gains)

On the French side, the report reminds that: compliance with international obligations is crucial to maintain trust and collaboration between countries.

On the income tax side, U.S. rental income will be declared in France, but the tax paid in the United States gives entitlement to a tax credit in France. The Franco-American tax treaty and tax credit forms (such as Form 1116 on the U.S. side for the reverse) help avoid full double taxation, even though the mechanics remain complex.

The report’s message is clear: as soon as the amounts involved exceed a few hundred thousand euros, it becomes prudent to consult a tax specialist familiar with both systems.

Step 7: plan for management and living with a U.S. property

Buying is one thing, managing an apartment 5,000 miles away is another. The report offers several pragmatic suggestions.

Practical organization from a distance

For a French person who does not live in the United States year-round, you need to plan for: the necessary documents, including a valid passport and a visa or Electronic Travel Authorization (ESTA). It is also important to learn about the cost of living, the healthcare system, and cultural specifics. In addition, anticipating tax issues and administrative procedures can be crucial for a successful move.

– a U.S. bank account to collect rents and pay local expenses (property taxes, HOA, insurance, maintenance);

– a local property manager, especially for a property intended for rental (particularly short-term or seasonal furnished rentals), who will handle listing, tenant screening, check-ins/check-outs, minor repairs;

– ongoing contact with a U.S. accountant and, possibly, a tax advisor in France for the reporting side.

Neighborhoods, safety, and tenants

The same tools used to evaluate the neighborhood before the purchase remain useful afterward. Crime data, reviews of local schools (via sites like GreatSchools), ratings of the building on ApartmentRatings, and feedback from local forums are all indicators for adjusting your rental strategy (target tenant type, rent level, lease term).

The report emphasizes the subjectivity of the feeling of safety, but notes that crime data is objective. It recommends clearly distinguishing areas with high petty crime (theft, vandalism) from sectors where violent crime against persons is very high, the latter being a deal-breaker for most long-term investors.

Summary: the roadmap for a French person buying an apartment in the United States in 2026

Cross-referencing all the elements of the report, the roadmap for a French person in 2026 looks like this:

In 2026, the monetary context and the growing flow of international investors into American real estate create an environment that is both promising and demanding. For a French person, buying an apartment in the United States is perfectly feasible but requires applying professional discipline: preparation, diversification of information sources, active management of currency risk, and a team of experts.

That is the price at which the dream of a condo in Miami, an apartment in New York, or a rental property in Dallas can become a solid and profitable asset rather than a source of costly headaches.

Real Estate Advice

Cyril Jarnias

Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.

On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.

Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.

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