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Young home buyers in Pennsylvania tired of renting

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Staff writer ▼ | May 19, 2016
Young home buyers
Young people   They see value of homeownership

One-third of Pennsylvania homebuyers bought their homes predominantly because they wanted to buy a home, not because they had to look for a home.

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.

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