Share of mortgage-free homeowners hits all-time high in 2022 - HousingWire (2024)

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Share of mortgage-free homeowners hits all-time high in 2022 - HousingWire? ›

In 2022, nearly 40% of U.S. homeowners owned their homes outright, according to Census Bureau data analyzed by Bloomberg. In total, 33.3 million single-family homes and condos were mortgage-free, a 31% increase compared to 25.4 million homes a decade ago.

Nearly 40% of homeowners in the country now own their homes outright, marking a record high in mortgage-free ownership as of 2022, Bloomberg reported Friday (Nov. 18).

Not only is 96% of mortgage debt in the U.S. fixed rate, but 38.5% of homeowners don't have a mortgage at all. Want more stories from Lance Lambert's ResiClub in your inbox? Subscribe to the free, daily ResiClub newsletter.

According to ATTOM Data Research, only "34 percent of all American homeowners have 100 percent equity in their properties — they've either paid off their entire mortgage debt or they never had a mortgage".

Key Takeaways. Over 60% of homeowners had a mortgage on their property, which may be their primary residence or a rental property.

since 2017.” As of the end of June, according to mortgage-analytics firm Recursion, Freedom Mortgage ranked as the sixth largest all-agency mortgage servicer in the country, with a 4.6% market share and some $380.3 billion in agency loans serviced.

Who is the nation's largest mortgage lender? Rocket Mortgage is the largest mortgage lender in the United States, originating 464,363 mortgages worth $127.6 billion in 2022.

40% of Americans Pay Off Their House — Are They Doing Better Financially? For most Americans, a home mortgage is the biggest financial obligation they will ever have. A traditional mortgage spans 30 years and is often in the hundreds of thousands of dollars, so the interest charges can be enormous.

According to the Federal Reserve, the homeownership rate in 2022 was 66.1%, up slightly from 64.9% in 2021.

But with nearly two-thirds of retirement-age Americans having paid off their mortgages, it means that the average age they have gotten rid of that debt is likely in their early 60s. Stats from 538.com, for example, suggest the age is around 63.

What percent of retirees own their homes? ›

Older homeowners aged 60-plus years like their homes, many view the equity in those homes as a financial reserve, and a significant share are confident of their overall retirement financial plan and expect to age in place. Importantly, the homeownership rate among this age group is nearly 80%.

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more.

About 40% of U.S. households have mortgages, of which 92% have fixed rates and the remaining 8% have adjustable rates. Fixed-rate mortgages have a set interest rate for the life of the loan, which must be paid on top of the principal loan amount.

The share of borrowers who are behind on their mortgages — defined as a homeowner being 90 days or more past due — stands at 3.88% of all loans outstanding, according to the most recent MBA data. Between 1979 and 2023, the delinquency rate averaged 5.25%.

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more.

The overall U.S. mortgage delinquency rate has held at less than 3% since February 2023.