10 Cities Where the Most Homebuyers Pay in Cash

Mortgage rates have soared to multiyear highs this year, preventing many people from buying the home of their dreams.

But one group of homebuyers can ignore those rising rates: Those who purchase their home in cash.

Nationwide, nearly one-third of homebuyers – 31.4% — paid all cash for their home in July, according to real-estate brokerage Redfin. That figure is up from 27.5% one year prior.

In some cities, all-cash purchases are especially likely, accounting for nearly half of purchases — or even more in a handful of markets.

Following are the cities where all-cash deals were most prevalent in July, according to Redfin’s analysis of 41 of the most populous U.S. metropolitan areas.

10. Tampa, Florida

Share of home purchases in this metro area that were made in all cash in July: 41.3%

Tampa is just one of the many Florida cities that dominate this list. Redfin says that is because the Sunshine State has a lot of affluent buyers who can afford to pay for a home in cash.

9. Charlotte, North Carolina

Share of home purchases in this metro area that were made in all cash in July: 41.8%

Charlotte is squarely in the sights of those trying to make a buck on real estate. In the fourth quarter of 2021, about 1 in 3 homes sold in the city went to investors. Such sales are often all-cash deals.

8. Cleveland

Share of home purchases in this metro area that were made in all cash in July: 42.1%

Cleveland is a city long known for its affordability. Relatively modest home prices probably give people more opportunity to pay all cash for new digs.

7. Atlanta

Share of home purchases in this metro area that were made in all cash in July: 42.4%

If you can’t afford to pay all cash for a home in Atlanta, just wait a while: The city’s home prices may be due for a correction, as Atlanta is one of “20 Housing Markets Overvalued by More Than 50%.”

6. Orlando, Florida

Share of home purchases in this metro area that were made in all cash in July: 42.5%

In July, Orlando was one of the “10 Cities With the Biggest Spike in Home Listings.” And it appears many of those sellers were happy to take all-cash offers.

5. Fort Lauderdale, Florida

Share of home purchases in this metro area that were made in all cash in July: 43.3%

This is another city where buyers who want to pay all cash might want to wait a bit longer to get a better deal: Fort Lauderdale is one of the “10 Cities Where Home Prices Are Predicted to Decline the Most.”

4. Milwaukee

Share of home purchases in this metro area that were made in all cash in July: 45.3%

As with Cleveland, Milwaukee is a heartland city where prices traditionally are more affordable than those in metros on either coast. That puts more homes in the reach of buyers hoping to pay in cash.

3. Jacksonville, Florida

Share of home purchases in this metro area that were made in all cash in July: 45.5%

New residents from big cities (New York, Boston, Seattle) and other states (Ohio, Virginia) have been flocking to Jacksonville.

As local real estate agent Elizabeth O’Steen told the Jacksonville Daily Record in January: “There are more cash buyers than I have ever seen in my career.”

2. West Palm Beach, Florida

Share of home purchases in this metro area that were made in all cash in July: 56.4%

In 2021, the number of all-cash deals for single-family homes surged in the West Palm Beach area. The trend has carried over to 2022.

1. Nassau County, New York

Share of home purchases in this metro area that were made in all cash in July: 66.5%

This area of New York City’s Long Island has a median household income of around $120,000, so perhaps there are plenty of well-heeled buyers here who can afford to pay for a new home in cold, hard cash.

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