Pennsylvania's mortgage-free homes
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The share of mortgage-free homes in Pennsylvania has marched upward over the past decade, per the latest Census Bureau data.
Why it matters: This national trend comes as homeowners stay put and more people buy homes with cash.
By the numbers: 43.3% of Commonwealth homes were owned outright last year, up from 36.2% in 2014, per the Census Bureau.
- Pennsylvania is above the national average of 40.3%.
Worth noting: We previously told you that fewer buyers in the Philly metro were scooping up homes with cash in 2024, dropping to 33% from nearly 38% the previous year, per a Redfin analysis.
Zoom out: West Virginia had the highest share of homes owned "free and clear," with 55%, while Washington, D.C., had the lowest (26%).
Between the lines: 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 remain in their big houses.
The bottom line: Mortgage or not, it's getting pricier to own and maintain a home.
- Insurance, property taxes, utilities, and other "hidden" costs average $21,400 this year, Bankrate research shows.