Twenty-one million Americans — or nearly 30 percent of home owners — are mortgage-free, according to data from the third quarter of 2012.
Despite the slump in the housing market the last five years, the number of home owners without a mortgage is about the same as it was in 2000, according to a report released by Zillow.
Housing markets with the highest rate of home owners who own their homes outright were found in New York, Cleveland, and Miami. Markets with a higher median age and lower median home price tended to have the highest number of home owners who are mortgage-free. Meanwhile, Washington, D.C., Atlanta, and Las Vegas were found to have the lowest number of home owners who do not have a mortgage.
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2013/01/11/nearly-one-third-home-owners-are-mortgage-free
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