This Great Graphic was on Business Insider and it comes from CNBC, which in turn draws on data from Zillow. It is a map that shows the percentage of homeowners, by county, that own their homes outright, this is without mortgages.
According to Zillow data, overall about a third of US homeowners, or about 20 mln, own their homes outright.
Five cities with the highest outright home ownership include Pittsburgh, Tampa, New York, Cleveland and Miami. Zillow suggests that New York and Miami's figures may be skewed by a high number of all-cash foreign purchases. The other cities have relatively low home values compared with the rest of the country, making it easier to buy homes outright and/or pay off mortgages.
It also makes sense that older home owners are more likely not to have mortgages . According to Zillow's data, those in the 65-84 year old cohort are most likely to own their homes outright.
Great Graphic: Another Look at "Real" Homeownership
Reviewed by Marc Chandler
on
January 13, 2013
Rating:
Reviewed by Marc Chandler
on
January 13, 2013
Rating:
