Data: Census Bureau; Note: Data unavailable in 2020; Chart: Axios Visuals
Nearly one-third of Austin homes were owned outright in 2022, up almost 2% from 2017, according to the latest Census Bureau data.
That's compared to nearly 40% nationally, the highest share since 2005.
Why it matters: This means some people aren't worrying about high mortgage rates.
Driving the news: Many free-and-clear homeowners are baby boomers who refinanced their mortgages when rates were lower, Bloomberg reports.
Plus: Cash buying was en vogue during the Austin real estate market feeding frenzy of the pandemic times.
Between the lines: There can be a psychological perk to paying off a loan early, but according to some personal finance experts, it could be smarter to invest that money instead.
"If people derive some intrinsic happiness out of paying off their mortgage because it reduces their stress, then that has value," Michael Roberts, a Wharton School finance professor, tells Bloomberg.