Cash buyers are becoming more common in many U.S. real estate markets, even as the housing market begins to cool.
In 2022, almost one third of U.S. home purchases were made in cash, up 8 percent from the year before. This according to an article in The Washington Post by Emmanuel Martinez, Kevin Schaul, and Hamza Shaban.
As the article explains, “The rise of all-cash buys comes at a time when the average home buyer is increasingly likely to be White, wealthy and older and the proportion of first-time buyers is at its lowest in more than 40 years.”
According to Ali Wolf, chief economist at Zonda quoted in the article, “What we found was those that already were more well-off were able to take advantage of the strong housing market and add to their wealth, while those trying to better their situation were often pushed to the side.”
The trend varies place to place, with South Florida consistently seeing a higher rate of cash purchases. In Nassau County, New York, 52 percent of home sales in 2022 were made in cash, a 104 percent rise over the previous year. Frederick County, Maryland, saw a 122 percent growth in cash sales.
FULL STORY: See how many all-cash buyers snagged houses in your neighborhood
Home Prices, Demand on Downward Trajectory
The once-overheated housing market continues to cool as rising interest rates reduce demand.
Austin Metro Home Sales Slow Dramatically
After a whirlwind of rising costs and sharply spiking demand for housing in smaller cities, the housing market is cooling down to pre-pandemic levels.
Affordable Housing: A Primer
A guide to affordable housing definitions and federal housing assistance programs.
Seattle Legalizes Co-Living
A new state law requires all Washington cities to allow co-living facilities in areas zoned for multifamily housing.
Central Florida’s SunRail Plans Major Expansion
The expanded train line will connect more destinations to the international airport and other important destinations.
NYC Officials Announce Broadway Pedestrianization Project
Two blocks of the marquee street will become mostly car-free public spaces.
Office Conversion Sees No Sign of Slowing
The adaptive reuse of office buildings for residential and other uses will grow by as much as 63 percent in 2024 over last year.
Parked Cars Hamper NYC Trash Containerization Effort
Sanitation workers must manually collect bags from containers blocked by parked cars, slowing a process that is meant to be safer and more efficient.
Cities and States Taking Action to Limit Rent-Setting AI
Federal prosecutors are charging a software company with using algorithms to artificially inflate rents.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Los Alamos County
City of Culver City
Skagit Transit
American Planning Association, Sustainable Communities Division
HUDs Office of Policy Development and Research
HUDs Office of Policy Development and Research
City of Cambridge, Maryland
Newport County Development Council: Connect Greater Newport
Rockdale County Board of Commissioners