Fewer homes are paid off in Utah amid rising housing costs
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Utah ranks fourth-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 and rapid population growth are keeping many Utahns — especially younger homeowners — from fully owning their homes, contributing to higher debt loads and financial strain.
By the numbers: About 32% of Utah homes were mortgage-free in 2024, compared to 40% nationally, per the census.
- The share of mortgage-free homes has risen in recent years, as homeowners stay put and more people buy homes with cash.
The intrigue: While Utah is the youngest state in the nation, with a median age of 32, Redfin lists it as the seventh-most expensive state to buy a home.
State of play: Colorado, Maryland and Washington, D.C., reported smaller shares of homes owned outright.
- West Virginia had the highest share of homes owned "free and clear," with 55%. Washington, D.C., had the lowest, with 26%.
- A decade ago, roughly 36% of owned homes nationwide were paid off.
Between the lines: Nationally, many outright homeowners are baby boomers who refinanced when mortgage rates were lower.
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 in the U.S., Bankrate research shows.