Nov 21, 2024 - News
More than 40% of Iowans are mortgage-free
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Nearly 41% of Iowa homes were mortgage-free as of last year, according to the latest census data.
Driving the news: Iowa's share is slightly above the new national all-time high of 39.8% of homes without mortgages.
State of play: Many of these outright homeowners are Baby Boomers who refinanced when mortgage rates were lower.
- Iowa's rate was around 39% in 2013 and has remained relatively consistent.
What's next: Buyers who took out a pricey mortgage in recent years are paying close attention to rates.
- They're ready to refinance and shrink their monthly payments, according to Chen Zhao, head of economic research at Redfin.