Nearly One-Third of Home Owners Are Mortgage-Free

January 11, 2013

Twenty-one million Americans -- or nearly 30 percent of home owners -- are mortgage-free, according to data from the third quarter of 2012. 

Despite the slump in the housing market the last five years, the number of home owners without a mortgage is about the same as it was in 2000, according to a report released by Zillow. 

Housing markets with the highest rate of home owners who own their homes outright were found in New York, Cleveland, and Miami. Markets with a higher median age and lower median home price tended to have the highest number of home owners who are mortgage-free. Meanwhile, Washington, D.C., Atlanta, and Las Vegas were found to have the lowest number of home owners who do not have a mortgage.

Source: “30% of Home Owners Are Mortgage-Free, Zillow Says,” AOL Real Estate (Jan. 10, 2013)

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