More than 30 million homes in the U.S. are mortgage-free, with Florida — which has the highest proportion of retirees — the state with the biggest percentage of free and clear residences, suggesting it's better shielded from a decline in
Of the 15 U.S. counties with more than 500,000 homes, Palm Beach in Florida had the greatest concentration of residences that were paid up, at 41.5% of 567,283 homes, data compiled by real estate analytics firm Attom showed. Neighboring Broward County — which includes Fort Lauderdale and parts of Miami — is the next highest at 36% of its 624,886 homes.
While 746,957 homes are paid up in the five California counties with more than 500,000 residences — the most for any state — the proportion of free and clear units is 17% of the 4.5 million total, Attom found. The counties are Los Angeles, Orange, Riverside, San Bernardino and San Diego.
Throughout the U.S., more than 30 million homeowners are sitting on 100% equity positions, equating to 34% of all single-family homes and condominiums.
The pandemic-era housing boom has delivered windfall wealth gains for millions of Americans over the past two years. And the explosive growth in U.S. home prices — which have surged about 40% since 2019 — has an even deeper significance for the millions of homeowners who are mortgage-free.
In New York City, the concentration of wealth and its attractiveness for international buyers boosts the share of mortgage-free homes in Manhattan to almost 60%. By comparison, the share in Los Angeles is just 16%.
The share of free and clear homes in the areas surrounding Washington, D.C., is among the lowest of large counties in the US. The proportion is below 15% in Prince George's, Maryland, as well as in Prince William and Loudoun, Virginia.
In September, 23% of home purchases in the U.S. were all-cash sales, up from 22% a year earlier,
