And how many percent of US homeowners are mortgage-free?
Nearly 40% of U.S. homes are mortgage-free, census shows
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Re: Nearly 40% of U.S. homes are mortgage-free, census shows
#22Earlier quoted context omitted.
Or it just could be more polarization between the haves and have nots in the economy. Fewer in the younger generations can afford housing than previous generations could at that age, so the pool of US homeowners is going to skew to the older, more financially established boomer generation who bought homes decades ago for much cheaper.
Is there some sort of metric/data/graph for housing concentration? I'd imagine older people might have several properties if many of them bought a main residence, a summer home, etc, 30+ years ago when they were somewhat cheap.
There’s a clear correlation between age and homeownership. The data is relatively stable over time though.
Re: Nearly 40% of U.S. homes are mortgage-free, census shows
#23And how many percent of US homeowners are mortgage-free?
I suspect this comment will be severely underrated, but it conveys such a deep insight into the right way to think about this. This is the variable we really care about!
Re: Nearly 40% of U.S. homes are mortgage-free, census shows
#24Earlier quoted context omitted.
Is the value according to the survey participant?
They are census questions, which the census responder fills out: https://www.census.gov/acs/www/about/why-we-ask-each-questio... . (There's a blue-green box midway down the page that you can expand to see the actual questions.)
I see, thanks! It seems like the valuation would suffer from the same problem as "owner imputed rent" component of BLS consumer price index surveys. People who haven't been in the housing market for 30+ years have no idea what the house is worth.
Re: Nearly 40% of U.S. homes are mortgage-free, census shows
#25Well sure. The homes my landlord rents are mortgage free. I can say the same for folks I know with 2nd vacation homes and airbnb rentals. For the rest of my anecdata: For folks I know living in their own households, about 20% have it paid off. About half of those folks own multiple homes.
A landlord who doesn't use leverage is in the wrong asset class. Even if they'd somehow paid off the property before, anyone who didn't pull out cash when rates were below 5% and invest it elsewhere is a fool.
Re: Nearly 40% of U.S. homes are mortgage-free, census shows
#26And how many percent of US homeowners are mortgage-free?
this is an interesting distinction but I don't know enough to totally wrap my head around it. Can you expand a bit on how a home would have no mortgage but that same homeowner would?
Re: Nearly 40% of U.S. homes are mortgage-free, census shows
#27> "If you stick with it, you'll get a low rate," he tells Axios. I love this kind of advice. It's so typical from someone who thinks they're self-made with no appreciation for their circumstances
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Re: Nearly 40% of U.S. homes are mortgage-free, census shows
#28Re: Nearly 40% of U.S. homes are mortgage-free, census shows
#29Re: Nearly 40% of U.S. homes are mortgage-free, census shows
#30Earlier quoted context omitted.
this is an interesting distinction but I don't know enough to totally wrap my head around it. Can you expand a bit on how a home would have no mortgage but that same homeowner would?
One person owning multiple homes..
Or a company owning hundreds of homes.