Young home buyers in Pennsylvania tired of renting
This is according to a Welcome Home survey conducted for the Pennsylvania Association of Realtors (PAR).
The survey, performed by Keystone Analytics®, revealed that 32 percent of homeowners decided to buy a home because of a desire to relocate or they were tired of renting.
The remainder of respondents had unique reasons or were pushed to find a new home due to circumstances, like family changes. This 30-35 percent share of homebuyers has held fairly steady over the last year of the Welcome Home surveys.
Cash purchases and 30-year mortgages continue to be the most popular way to finance a home. Forty-one percent of those responding chose a 30-year mortgage to purchase a home. Twenty-one percent of all respondents surveyed reported buying their home in cash as well. ■