How many people have no mortgage?

Over 40% of U.S. homeowners (approximately 30 to 35 million households) own their homes mortgage-free, a record high driven by older Americans and Baby Boomers. This figure has risen from 32.8% in 2010 to over 40% in 2025, with 64% of homeowners aged 65+ owning their homes outright.

What percentage of homes have no mortgage?

Around 40% of U.S. homes are mortgage-free, a record high as of late 2024/2025, primarily driven by an aging population (Baby Boomers paying off loans) and younger generations taking longer to buy, with percentages rising steadily from about 32.8% in 2010. States like West Virginia have even higher rates (around 55%), while major cities like D.C. have lower rates. 

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 Americans actually pay off their mortgage?

In fact, according to Census Bureau data, nearly 40% of Americans already have. But are you really better off paying off your home mortgage, or are there strategies you can employ to put yourself ahead even more?

What percent of the population doesn't have a house?

However, recent data from the U.S. Census Bureau's Housing Vacancies and Homeownership survey reveals that almost half of Americans, around 45%, currently don't own a property.

What Retirement Net Worth Puts You in the Top 1%

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.

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.

Do most people retire without a mortgage?

Over the past three decades, the share of homeowners ages 65 to 79 with a mortgage rose from 24% to 41%. More older adults are entering retirement in debt — including mortgage debt. Mortgages make up about 70% of household balances.

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.

What age do most people have their house paid off?

The average age to pay off a home mortgage in the U.S. is around 62-63, but it's shifting, with many homeowners now paying into their late 60s or even 70s due to longer loan terms, higher home prices, and refinancing. While older generations often achieved mortgage-free status by retirement, many current borrowers, especially first-time buyers, face paying until age 64 or beyond, making it common to still have a mortgage in retirement. 

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. 

What is the credit card limit for $70,000 salary?

The credit limit you can expect for a $70,000 salary across all your credit cards could be as much as $14000 to $21000, or even higher in some cases, according to our research. The exact amount depends heavily on multiple factors, like your credit score and how many credit lines you have open.

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.

How many people have a paid-off house?

A record number of U.S. homeowners now own their houses outright, with recent data from late 2024/early 2025 showing around 40% of American homeowners (approximately 35-39 million households) have paid off their mortgages, the highest share ever recorded, driven by aging Baby Boomers and cash purchases. Older adults (65+) are most likely to be mortgage-free, with nearly two-thirds in that age group owning homes free and clear.
 

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.

Do celebrities take out mortgages?

“It surprises many people, but it's actually quite common for the mega-wealthy to take out mortgages—even when they could write a check for the full purchase price,” Evan Harlow, real estate agent at Maui Elite Property, told Fortune.

What age group has the most debt?

The age group with the most total debt in the U.S. is typically Generation X (ages 40s-50s), driven by large mortgages, while Millennials (30s-40s) have high student debt and are accumulating credit card debt, and older groups like Baby Boomers carry substantial mortgage balances but are paying them down, showing debt shifts from education/vehicles to housing and retirement savings as people age.
 

What is a good credit score range?

A good credit score generally falls in the 670-739 range for FICO scores, indicating responsible credit use and good chances for loan approval with decent rates, while scores above 740 (Very Good) to 800+ (Exceptional) unlock the best loan terms and interest rates, with scores below 600 often making credit harder to get. Different models (FICO, VantageScore) use slightly different bands, but the overall trend is the same: higher is better, with 700+ being a solid target.
 

How much is the average person in debt?

The average American's total debt hovers around $105,000, heavily influenced by mortgages, with significant variation by age, as Gen X and Millennials often carry more debt, while younger groups like Gen Z have lower figures, according to late 2024/early 2025 data. This total includes mortgages, student loans, auto loans, and credit card balances, with mortgages being the largest portion. 

At what age should you no longer have a mortgage?

There is no specific age to pay off your mortgage, but a common rule of thumb is to be debt-free by your early to mid-60s. It may make sense to do so if you're retiring within the next few years and have the cash to pay off your mortgage, particularly if your money is in a low-interest savings account.

How common is it to have no savings?

Nearly a quarter of Americans have no emergency savings

Another 19 percent could cover three to five months of expenses from their emergency savings, and 27 percent have enough to cover six months of expenses. Nearly 1 in 4 (24 percent) of Americans have no emergency savings at all.

Is $5000 a month enough to retire on?

If your Social Security and other retirement savings allow you to retire with $5,000 per month, you may be on track to enjoy a wonderful and comfortable retirement.

How much mortgage can I get with $70,000 salary?

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 is the 3 7 3 rule for a mortgage?

The correct answer option was, "B!" TRID establishes the 3/7/3 Rule by defining how long after an application the LE needs to be issued (3 days), the amount of time that must elapse from when the LE is issued to when the loan may close (7 days), and how far in advance of closing the CD must be issued (3 days).

What age are most people mortgage-free?

The average age to pay off a mortgage in the U.S. is around 62 to 64, aligning with retirement age, but this is shifting as more people, especially first-time buyers, take on longer loans, meaning many now carry debt into their 60s and even 70s. While aiming to be debt-free by retirement (early to mid-60s) is a common goal for reduced expenses, current trends show increased numbers of older adults with mortgages, often due to longer terms or higher home prices.