Jan 2, 2024 - News
Nearly half of Miami homes are mortgage free
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According to the latest census data, 43.6% of Miami homes were owned outright in 2022, up from 2.3% in 2017.
- That's compared to nearly 40% nationally, the highest share since 2005, Axios' Sami Sparber reports.
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.