Approximately 1/3 of Homeowners Don't Have a Mortgage

By
Real Estate Broker/Owner with M & M Realty of Brevard Inc. BK629999
30% of homeowners own their homes free and clear

Did you know that approximately 1/3 of homeowners don't have a mortgage?

Who are they?

Many would think that they are the wealthiest people.  But, that isn't always the case.  Some wealthy owners enjoy the tax advantages of carrying a mortgage on their home. Often they are able to itemize their deductions, and this includes mortgage interest paid.

Some of the humblest home owners are the ones that have no mortgage payments on their homes at all.

Some families with shaky credit are pooling their resources with other family members to purchase a small, inexpensive home together for all cash.  We are hearing of more and more multi generational families moving in together, to make living a bit more affordable for all. 

Today, many couples reaching retirement age, are doing what they can to get their mortgages paid down or paid completely off.  They don't want that payment hanging over their heads in retirement years.  I can't blame them.

Here in Brevard County on Florida's Space Coast, we are seeing a large percentage of buyers purchasing their homes with cash.

On the other hand, some feel that with interest rates as low as they've been, if they can qualify for a mortgage, then it's best to go ahead and borrow on a simple interest loan, with no mortgage prepayment penalties. 

I think it depends on an individual's financial position and their preference as to which is better, a mortgage or no mortgage.

 

 
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Rainmaker
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Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Sandy

Many of the people that I talk, tell that they want to pay the mortgage off, before they retirer.

Good luck and success.

Lou Ludwig

Oct 23, 2013 04:26 AM #1
Rainmaker
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I didn't realize there were that many.  But, I'm glad I'm one of these people.

Oct 23, 2013 09:37 PM #2
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Fred Griffin, on leave of absence from ActiveRain
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Owning your Home free and clear is the cornerstone of a good retirement plan.

Oct 24, 2013 12:31 PM #3
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Rainmaker
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Sandy Shores FL Realtor®, Melbourne Real Estate

Brevard County Real Estate, Florida's Space Coast
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