These Locales Have the Most Young Homeowners Who Have Paid Off Their Mortgages
While most of the people who have paid off their mortgages are 65 and older, some regions of the US have a higher percentage of young people who have paid off their mortgage
Although young homebuyers struggle in many parts of the U.S., some regions have a high rate of working-age people who have already paid off their homes.
Rising mortgage rates and ongoing inflation are making it harder for new buyers to enter the housing market and for current homeowners to pay down their mortgages. According to Construction Coverage, 63% of homeowners aged 65 and older have paid off their homes, compared with less than 28% of working-age homeowners, leaving many younger homeowners vulnerable to financial stress during periods of economic uncertainty.
Nationally, 27.7% of homeowners under 65 have paid off their homes, but this varies by region. States with lower incomes and home values—such as West Virginia, Mississippi, and Louisiana—have higher rates of mortgage-free ownership for younger homeowners, with all states exceeding 35%.
At the other end of the spectrum, Maryland has the lowest rate of owner-occupied homes that are paid off at 18.4%. Other states with low rates of free-and-clear homeownership among the working-age population include high-home-price states Colorado (20.4%), Massachusetts (20.6%), and Utah (20.6%).Read more
