How many Americans have their mortgage paid off?

A record number of Americans own their homes outright, with about 40.3% of U.S. homeowners (roughly 35-34 million households) holding no mortgage as of late 2025, the highest share ever recorded, driven by an aging population and demographics, though this trend also reflects factors like high rates and all-cash purchases, with older Americans (65+) being significantly more likely to be mortgage-free.

What percentage of Americans have their mortgage paid off?

As of 2024-2025, over 40% of U.S. homeowners (around 40.3%) own their homes outright, a record high driven largely by older Americans (64% of those 65+) paying off their mortgages, though this trend is also changing housing market dynamics. 

How many Americans are 100% debt free?

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve.

What percentage of US citizens own their home outright?

Around 40% of U.S. homeowners own their homes outright (mortgage-free), a record high as of late 2025, driven largely by an aging population where 64% of seniors (65+) are mortgage-free, according to ResiClub analysis of Census Bureau data, New York Post and Yahoo Finance. This figure has steadily increased from about 32.8% in 2010. 

What salary do you need for a $400000 mortgage?

To comfortably afford a 400k mortgage, you'll likely need an annual income between $100,000 to $125,000, depending on your specific financial situation and the terms of your mortgage.

10 Benefits Of A Paid Off Home (SURPRISING)

How much house can I afford if I make $70,000 a year?

With a $70,000 salary, you can generally afford a house between $210,000 and $350,000, but your actual budget depends heavily on your credit score, existing debts, down payment, and current mortgage rates, with lenders often following the 28/36 rule (housing costs under 28% of gross income, total debt under 36%). A good starting point is keeping your total monthly housing payment (PITI) under $1,633, but a lower Debt-to-Income (DTI) ratio and larger down payment increase your buying power. 

What percentage of households make 400k?

Many $400,000 households live in blue states

These four states and the District of Columbia had the most families earning more than $400,000 in 2022: District of Columbia (6.1% of households earning at least $400,000) California (4.4%)

How many people live mortgage-free?

According to the latest U.S. Census Bureau data, 40.3% of U.S. homeowners are mortgage-free, up from 39.8% in 2023 and 32.8% in 2010, and the highest share on record in this data series. 54% of the 35 million mortgage-free households are 65 or older.

What percent of Americans rent?

Roughly 34-36% of American households rent, with recent data from the Census Bureau showing 34.8% renter-occupied units, while the Federal Reserve reports around 28% of adults renting. This means a significant portion of Americans, particularly younger individuals, lower-income households, and many minority groups, rely on rental housing, though homeownership remains dominant. 

Which gender has more debt?

Men have 2 percent more credit card debt than women. Men have 9.7 percent more mortgage debt than women. Men have 20 percent more personal loan debt than women. Women have 2.7 percent more student loan debt than men.

Is being debt-free the new rich?

Yes, for many people, being debt-free feels like the new rich because it provides immense financial freedom, peace of mind, and security, even if it doesn't mean having millions in the bank; it shifts the definition of wealth from pure income to a lack of financial burdens, allowing for more saving, investing, and enjoying life without stress. While traditional wealth is assets minus liabilities, eliminating debt frees up income for wealth-building, making it a significant step towards financial well-being and independence, especially as many struggle with rising costs and stagnant wages. 

How many Americans have $20,000 in credit card debt?

A majority of Americans (53%) carry some, with an average balance of $7,719. However, a third of those carrying debt (32%) owe $10,000 or more, while almost 1 in 10 (9%) have credit card debt over $20,000.

Do most people have their house paid off when they retire?

Mortgages make up about 70% of household balances. Conventional wisdom has long recommended that homeowners pay off their mortgage before retiring. Yet over the past three decades, more older adults are carrying their mortgage into retirement, while the amount owed has increased dramatically.

Why are so many people mortgage-free?

A Record Share of Homeowners Are Mortgage-Free

Demographics. As Baby Boomers age and stay in their homes longer, many have had the time to fully pay off their mortgages. You might be in that group too and not even realize just how much buying power you now have.

What is the 3 7 3 rule in mortgage?

What is the 3-7-3 Rule? Within 3 business days of your completed loan application, your lender must provide initial disclosures. This includes the Loan Estimate (LE), which outlines your estimated loan terms, interest rate, closing costs, and monthly payment breakdown.

What salary to afford a $400,000 house?

Most buyers need to earn $100,000 to $135,000 per year to afford a $400,000 home. This assumes average interest rates, a standard loan term, and a modest down payment.

What percentage of Americans have never owned a home?

Around 34-37% of Americans don't own a home, meaning roughly two-thirds (about 63-66%) are homeowners, according to recent data from the U.S. Census Bureau and Federal Reserve, though this number fluctuates with economic conditions, with renting often due to affordability issues like high down payments and interest rates. 

Is it normal to still live with your parents at 30?

Yes, it's increasingly common and often normal to live with parents at 30, especially due to economic factors like high housing costs, student debt, and job instability, making it a practical way to save money or get support during tough times, though cultural views on independence vary. While some see it as a temporary, financially smart choice, others feel it delays traditional adult milestones, but data shows a significant percentage of young adults live at home, making it a widespread reality, not necessarily a sign of failure. 

What does Suze Orman say about paying off your mortgage early?

Personal finance guru Suze Orman says it depends. While the possibility of job loss can trigger financial panic, Orman advises against rushing to drain your savings to pay off your mortgage early. Even if you have enough money saved to wipe out your mortgage, don't pull the emergency cord until absolutely necessary.

What percentage of Americans are 100% debt free?

Federal Reserve data shows that about 23% of Americans have no debt. Striving to live without debt is admirable, but having debt isn't automatically bad. For example, a mortgage is a significant debt, but you're building equity in an asset that's likely to appreciate over time.

How much would a $70,000 mortgage cost per month?

A $70,000 mortgage payment varies significantly but expect Principal & Interest (P&I) to be roughly $400 - $600+/month (30-yr term, varying rates), with total payments (including taxes, insurance, PMI) potentially reaching $700 - $1,000+, depending heavily on your interest rate, loan term (15 vs. 30 yr), location (taxes), and insurance costs, so use a mortgage calculator for a precise estimate. 

What is considered rich in America?

Being "rich" in America is subjective, but recent surveys show Americans think you need around a $2.3 million net worth to be considered wealthy, while a $2.5 million net worth was cited in a 2024 survey, and the top 1% of earners might need to make over $60,000 monthly, with perceptions changing due to inflation and location. The definition shifts from feeling "financially comfortable" (around $839,000 net worth) to truly "wealthy," often tied to security and freedom, not just income. 

How many US citizens make over $500,000 a year?

Over a million Americans earn $500,000 or more annually, with estimates from late 2024/early 2025 suggesting around 1.5 million people fall into this high-income bracket, representing roughly 0.9% of workers, though this varies by location, with high concentrations in tech hubs like the San Francisco Bay Area. This is a much smaller percentage than many people perceive, with studies showing a common overestimation of how many people earn such high incomes. 

What is considered a middle class income?

Middle-class income is generally defined as two-thirds to double the national median household income, adjusted for household size and local cost of living, with recent estimates placing the U.S. range around $56,000 to $170,000, though it varies significantly by location, requiring more in high-cost cities like San Jose ($90k-$272k) and less in more affordable areas.