While prospective homebuyers continue to struggle with persistently high mortgage rates, a growing number of Americans are enjoying life without a mortgage.
Nearly 40% of U.S. homeowners owned their homes outright in 2022, according to Census Bureau data. bloomberg. A total of 33.3 million single-family homes and condominiums are mortgage-free, an increase of 31% compared to 25.4 million a decade ago.
According to a Bloomberg analysis, 33% of the 84.6 million homes will be owned by people 65 and older in 2022, an increase of 4.6 percentage points from 2012. This number does not include the youngest baby boomers (those who will be between 59 and 64 in 2023), so the share of homeownership among all baby boomers could be even higher. Worth noting.
Millions of millions of It is now possible for US homeowners to refinance their loans multiple times.
Some mortgage borrowers have been able to switch to shorter-term mortgages, such as 15-year loans, allowing them to pay off their homes faster at lower interest rates. At the same time, home prices soared after the Great Recession, pushing home equity levels to record highs, Bloomberg reported.
According to data compiled by , nearly two-thirds of homes without a mortgage in the U.S. are paid off over 21 years. Atom data solutiona real estate data company.