Dec 9, 2024 - News
Nearly 40% of Ohioans are mortgage-free
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The national share of mortgage-free homes continues to reach new highs, and Ohio is in line with the country's average, according to the latest census data.
By the numbers: The share of mortgage-free homes climbed from 35.7% to 39.8% in the past decade, per the U.S. Census Bureau's American Community Survey one-year estimates.
- Ohio's 39.9% share nearly matches that national average.
- States including West Virginia and Mississippi have higher shares, while California and Washington have lower shares.
The big picture: Many outright homeowners are baby boomers who refinanced when mortgage rates were lower.
- Living mortgage-free doesn't mean living expense-free, but it's often reason enough for empty nesters to hold on to their big homes.
Between the lines: More people have also bought homes with cash since interest rates started rising, Redfin research shows.
What's next: Those who took out a pricey mortgage in recent years are paying close attention to current rates.
- They're ready to shrink their monthly payments, according to Chen Zhao, head of economic research at Redfin.