21M Americans Own their Homes Outright
Nearly 21 million Americans (29% of homeowners nationwide) own their homes outright, unencumbered by a home loan, according to a recent Zillow analysis of housing finance data. But the data is sliced and diced even more: among the nations 30 largest metro areas included in the Study, Pittsburgh(39%), Tampa(33%), New York(30%), Cleveland(29%) and Miami(29%) had the highest percentage of free and clear homeowners. It appears that areas with lower home values generally have higher outright homeownership rates, as smaller loan amounts are easier to pay back more quickly, but the age and credit rating of primary borrowers also influence free and clear homeownership rates. Zillow found that 65-74 Yr. Olds are most likely to be free and clear(21%), followed by 74-84 Yr. Olds(18%). Interestingly, when examining free and clear ownership rates as a percentage of homeowners in various age groups, Zillow found 35% of 20-24 Yr. Old homeowners are free of debt.
