Jan 2, 2024 - News

Nearly half of Miami homes are mortgage free

Data: Census Bureau; Note: Data unavailable in 2020; Chart: Axios Visuals
Data: Census Bureau; Note: Data unavailable in 2020; Chart: Axios Visuals

According to the latest census data, 43.6% of Miami homes were owned outright in 2022, up from 2.3% in 2017.

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.

Between the lines: Major forecasts predict rates will dip in 2024.

avatar

Get more local stories in your inbox with Axios Miami.

🌱

Support local journalism by becoming a member.

Learn more

More Miami stories

No stories could be found

Miamipostcard

Get a free daily digest of the most important news in your backyard with Axios Miami.

🌱

Support local journalism by becoming a member.

Learn more