A growing number of Americans own homes with a paid-off mortgage. In 2010, that number was 32 percent. Now it's 39 percent nationally.
What's driving this? Older owners of course. Over half of all mortgage-free households are baby boomers deciding to age in place, near the kids, grandkids, and friends. They bought their homes during a much cheaper time.
No doubt the rising cost of everything is part of this too. More than half of the occupied homes in inexpensive areas like West Virginia and Mississippi, have no mortgage debt.
Most older homeowners in pricey states like New York, Maryland and Colorado are still paying.
On that note, I'm James Brown, and as always be well.
Share this post