Zillow: Almost 30% of homeowners are mortgage free

When the folks at Zillow did their analysis, they found that “Almost 21 million Americans, or 29.3 percent of homeowners, own their homes outright.”

Unfortunately, only one Virginia-area city was mentioned specifically in the report, and that was for having a low number of mortgage-free homeowners: Washington, D.C., with the lowest percentage in the country at 15.5 percent.

A number of elements influence the percentage of free-and-clear homeowners in a given area, including median home values. Zillow found that areas with lower home values generally have higher outright homeownership rates, as smaller loan amounts are easier to pay back more quickly.

Read more about it.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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One Response to Zillow: Almost 30% of homeowners are mortgage free

  1. Jay Thompson says:

    Howdy VAR, Jay T. from Zillow here. Though only one VA city was mentioned specifically, if you go to the full report, there is an interactive map available that will let you drill down to the county level:

    http://www.zillow.com/blog/research/2013/01/09/free-and-clear-american-mortgages/

    Thanks for the post Andrew!

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