Don’t assume your clients need a high income to avoid a mortgage. The Pennsylvania Association of REALTORS®' Welcome Home Survey for the first quarter of 2017 shows older people with lower incomes are paying in cash in higher numbers than most would assume.
“While is seems counterintuitive that one in three buyers with incomes under $50,000 reported buying homes in cash, age may be driving a higher share of lower-income respondents reporting cash-only purchases,” says PAR President Kathy McQuilkin. “The survey showed 75 percent of cash-only buyers were over 50 years old.”
Cash-only purchases dropped overall in the state to historical averages in the first quarter of 2017.
Source: Pennsylvania Association of REALTORS®