What percentage of Americans have their house paid off?

As of late 2024/early 2025, around 40% of U.S. homeowners own their homes outright (mortgage-free), a record high driven largely by aging Baby Boomers and more cash purchases, with older Americans (65+) having a much higher rate of about 64%. This figure has risen steadily from 32.8% in 2010, showing a significant trend towards debt-free homeownership, though it varies widely by location.

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 age do most people have their mortgage paid off?

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. 

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.

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.

What Percentage of Homes in the US are Owned Free and Clear: Mortgage Paid Off!

What does Suze Orman say about paying off your house?

Orman's reasoning is simple: “The best way you can put certainty in your life is to own your home outright by the time you retire.” For generations under boomers, though, paying off a mortgage balance is only getting harder.

What is the number one mistake retirees make?

The top ten financial mistakes most people make after retirement are:

• 1) Not Changing Lifestyle After Retirement. ...
• 2) Failing to Move to More Conservative Investments. ...
• 3) Applying for Social Security Too Early. ...
• 4) Spending Too Much Money Too Soon. ...
• 5) Failure To Be Aware Of Frauds and Scams. ...
• 6) Cashing Out Pension Too Soon.

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.

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 average retirement savings?

The average retirement savings for all U.S. families is around $334,000, but the median is much lower at $87,000, highlighting a large gap due to high earners skewing the average. Savings vary significantly by age, with younger generations having much less, and older age groups (like 65-74) showing higher figures, such as a median of $200,000, though many Americans still lack sufficient savings.
 

What does Dave Ramsey say about paying off a mortgage?

“Paying off your mortgage early seems impossible but it is completely doable and people do it all the time, but how can you do it and why would you want to put in the extra effort? Paying off your mortgage early will rev up your wealth building.”

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.

How many people over 70 still have a mortgage?

In 1998, 26% of Americans ages 65-74 held home-secured debt such as mortgages, yet by 2022, that grew to 32.2%. 1 This trend is particularly pronounced among those ages 75 and up, with 27.6% holding home-secured debt in 2022, up from 11.6% in 1998.

How many Americans have no mortgage?

Over 40% of U.S. homeowners, or roughly 35 million households, own their homes without a mortgage as of late 2025, a record high driven largely by aging Baby Boomers paying off loans, with nearly two-thirds of these mortgage-free owners being 65 or older. This trend shows a steady increase from around 32.8% in 2010, highlighting a significant demographic shift in debt-free homeownership. 

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. 

What percent 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. 

Which actor wiped out debt for 900 families?

Actor Michael Sheen paid off $1.3 million worth of debt for his neighbors. Plus, this guy has been diving for lost golf balls for 30 years.

Is $100,000 a year considered wealthy?

Earning $100,000 a year puts you above average in the U.S. and often into the "upper-middle class," but whether it feels "rich" depends heavily on your location (cost of living), household size, debt, and lifestyle, as it may cover basics comfortably in some areas but feel tight in expensive cities or with dependents. It's considered a strong salary, allowing for savings and a good lifestyle, but not "wealthy" like the top 1-5% of earners, who make significantly more. 

What is the 2 2 2 credit rule?

The 2-2-2 credit rule is a guideline for lenders, especially for mortgages, suggesting borrowers should have at least two active credit accounts, open for at least two years, with at least two years of on-time payments, sometimes also requiring a minimum credit limit (like $2,000) for each. It shows lenders you can consistently manage multiple debts, building confidence in your financial responsibility beyond just a high credit score, and helps you qualify for larger loans. 

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.

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.

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.
 

What does Suze Orman say about retirement?

Orman recommended making the most of retirement accounts like 401(k)s and IRAs. She suggested contributing enough to get any employer match, as this is essentially free money. For those closer to retirement, taking advantage of catch-up contributions allowed for individuals over 50 can be a smart move.

What are the 3 R's of retirement?

The Three R's of Retirement: Resiliency, Resourcefulness & the Renaissance Spirit.

Why are so many people unhappy in retirement?

Common reasons people end up hating retirement include lack of purpose, reduced social connection, unplanned or forced retirement, health issues, and financial stress.