More than 33% of Virginia homes are mortgage-free
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More than a third of Virginia homes are owned outright, according to the latest census data.
Why it matters: The national share of mortgage-free homes continues to reach new highs, climbing from 35.7% to 39.8% in the past decade.
- Living mortgage-free doesn't mean living expense-free, but it's often reason enough for empty nesters to hold onto their big homes.
The big picture: Many outright homeowners are Baby Boomers who refinanced when mortgage rates were lower.
- The average 30-year mortgage rate this week is around 6.7%, according to Freddie Mac, up from around 6% in September and below 3% in 2021.
By the numbers: In Virginia, 777,087 homes, or 33.68% of all housing units, don't have a mortgage, per the U.S. Census Bureau's American Community Survey one-year estimates.
- That's compared to the 1.5 million houses that do have a mortgage.
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.
Editor's note: This story was corrected to note that more than a third of Virginia homes are owned outright, not more than three-quarters.