How many people live mortgage-free in Virginia
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Virginia ranks among the lowest in the U.S. for homes owned outright, according to new Census Bureau data.
Why it matters: The numbers underscore how rising housing costs are keeping many Virginians — especially younger homeowners — from fully owning their homes, contributing to higher debt loads and financial strain.
By the numbers: About 34% of Virginia homes were mortgage-free in 2024, compared to 40% nationally, per the census.
- The share of mortgage-free homes has risen in recent years. Homeowners are staying put and more people are buying homes with cash.
- A decade ago, roughly 30% of Virginia homes were paid off.
Yes, but: In 2014, the median home price for metro Richmond was just under $200,000, per stats from the Richmond Association of Realtors.
- The price tag has more than doubled since then, closing out 2024 at just over $400,000.
State of play: West Virginia saw the highest share of homes owned "free and clear," with 55%.
- Washington, D.C., had the lowest, with 26%, followed by Maryland, Colorado, Utah and California, the only states that had a lower share of mortgage-free homes than Virginia.
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.

