Frequently Asked Questions

1. What percentage of homeowners in the United States are mortgage-free as of 2023?

As of 2023, nearly 40% of homeowners in the United States are mortgage-free, the highest level seen in the past 13 years.

2. Which age group is more likely to have paid off their mortgages?

Older homeowners are more likely to have fully paid off their mortgages. In 2023, two-thirds of the mortgage-free homeowners are baby boomers aged 60 years and over.

3. Which congressional districts have the highest percentage of mortgage-free homeowners?

The top 5 congressional districts for mortgage-free homeownership are primarily located in Southern states such as Texas, West Virginia, Kentucky, and Mississippi. Texas’s 34th district had the highest share of mortgage-free homeowners in the nation.

4. Which congressional districts have the lowest percentage of mortgage-free homeowners?

The five congressional districts with the lowest rates of mortgage-free homeowners include Maryland’s 5th district, Virginia’s 10th district, the District of Columbia’s Delegate District at Large, Virginia’s 7th district, and California’s 37th district.

Conclusion

The increasing number and share of mortgage-free homeowners in the United States reflect a positive trend in homeownership. Older individuals are more likely to have paid off their mortgages, indicating financial stability and planning for retirement. It is interesting to note the regional variations in mortgage-free homeownership, with Southern states showing higher percentages compared to urban and less affordable areas. Understanding these trends can provide valuable insights into the housing market and demographic shifts across different congressional districts.