The U.S. economy has proven more resilient than in past economic cycles, attributed to the buffering effect of fixed-rate mortgages and a large percentage of homeowners without mortgages.
Over the past decade, the share of owner-occupied homes without a mortgage in the U.S. increased from 32.1% to 38.5%, primarily driven by older homeowners, especially baby boomers.
Regions with greater affordability and older populations tend to have a higher percentage of homeowners without mortgages, such as West Virginia and Mississippi with over 50% mortgage-free housing units.
States like Maryland and Colorado have less than 30% of owner-occupied housing units without mortgages, reflecting variations in mortgage-free ownership across regions in the U.S.
#resilient-economy #fixed-rate-mortgages #mortgage-free-homeowners #regional-disparities #baby-boomer-generation
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