29% of Homeowners Are Mortgage-Free
Including 34.5% of those homeowners ages 20 to 24
By Matt Cantor, Newser User
Posted Jan 11, 2013 8:07 AM CST
FILE - In this Wednesday, Sept. 26, 2012, file photo, a "sold" sign sits out in front of a home in Riverview, Fla. Home prices increased in September in most major U.S. cities, more evidence of a housing...   (AP Photo/Chris O'Meara, File)

(Newser) – In a country ravaged by the housing crisis, a hefty chunk of homeowners—some 29.3%—have escaped the mortgage burden entirely, a new report by Zillow finds. A great deal of the 20.6 million Americans who own their homes outright are retirees: 77.6% of people 85 and older fully own their abodes, as do 62.7% of people 74 to 84. But plenty of the mortgage-free are also very young: Some 34.5% of homeowners ages 20 to 24 don't have mortgages, the according to Zillow's analysis.

The big cities with the highest proportions of homeowners without mortgages are Pittsburgh, Tampa, New York, Cleveland, and Miami, the Los Angeles Times reports. The lowest proportions are found in Washington, Atlanta, Las Vegas, Denver, and Charlotte. Expect more homeowners to be mortgage-free in the future, with baby boomers getting older and the credit crisis driving "more and more people to think that the best way they can prepare for retirement is with no mortgage at all," says an expert.

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Showing 3 of 26 comments
whocaresImeanreally
Jan 13, 2013 9:08 AM CST
Mortgages are a trap like student loans and interest-free credit cards for 12 months or more.
Tology
Jan 12, 2013 7:56 AM CST
If only property taxes ceased when your mortgage was paid off. My house dropped 8.5% in appraised value and my taxes went up 30%.
2poor
Jan 12, 2013 1:22 AM CST
WOW! Now the news is out concerning 29% Homeowners are debt free of mortgage, look for the Demwits representing those other 71% who do to invent a TAX for them to share their mortgage burden. After all, it is fair ain't it to share your wealth? I can see Pelosi and Reid's crew licking their chops now. In their finite Demwit minds they surely can reason or invent a manner for those 29% mortgage burden free homeowners to share their 'fortune' of savings with others who are not as fortunate don't ya think? C'mon Obama, Pelosi, and Reid...don't let your 'taker' base down on this new found manner of robbing the rich or wealthy homeowners. LOL