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Zillow reports that all-cash home purchases account for over 50% of the purchases in Miami, Florida. Cleveland, the home of reigning NBA champions (Cavaliers) and almost World Series champions (Indians) is at 45% all-cash. Compare that with 20% for San Francisco.
Of course, a good reason why all-cash is much lower on the West Coast is … the West Coast is far more expensive than Florida and The Midwest.
On a related note, Washington DC has the most restrictive land use regulations in the nation (and very expensive rents) while Appleton Wisconsin leads in terms of rental growth over the period 2011-2016. Followed by Vancouver, Denver and Bend Oregon.
The slow growing global economy has sent “hot money” flooding into the USA, seeking higher yields. First, it was the West Coast seeing the massive infusion of foreign capital, now we are seeing relatively inexpensive Florida seeing more all-cash buyers. Particularly Miami.
After all, who can resist a bathtub in Miami like this one?
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