New research from Redfin reveals home buyers in major metros are abandoning their check books for the more comfortable feel of cold, hard cash. How does your area stack up?

In the wake of tightening mortgage lending standards, diminishing investor interest and, in some places, a smaller residential inventory, many home buyers are now saying “farewell” to the home loan process and instead putting their trust in the almighty green. That’s right, I’m talking about all-cash purchases.

Since 2011, all-cash purchases have been on the rise, slowly and steadily taking up a bigger and more significant portion of the overall market. According to research from Redfin, many of the country’s larger metro areas, including Miami, Chicago and Las Vegas, are experiencing this phenomenon nearly simultaneously – though some are more affected than others.

While homes priced from $50,000 to over $1 million have been purchased using only cash, Redfin’s work revealed the majority these transactions occur on either the lower or higher end of the home price spectrum.

Cash Reigns in Miami

In all of the metro areas examined by Redfin, Miami stands out as the most comfortable market for all-cash buyers – or at least that’s what the numbers suggest.

Where all-cash purchases in other markets tend to fluctuate as home price increases or decreases, the Miami market has been shown to garner relatively high rates across all tiers. For instance, homes priced between $300,001 and $400,000, which generate the fewest all-cash offers, still manage an all-cash purchase rate of 51 percent. To give some perspective, for the same price range Chicago has 22 percent and Philadelphia 21 percent.

While the overall margins might not be as dramatic as Chicago’s, all-cash purchases in Miami still grow as prices hit their lowest lows and highest highs, Redfin confirmed. For houses priced below $100,000, the lowest tier, 87 percent are purchased via cash.