As of 2023, roughly 40% of U.S. homeowners are mortgage-free, the highest level in over a decade, as reported by the NAHB. Older homeowners dominate this category, with two-thirds being baby boomers aged 60 and over, while younger groups account for only a small fraction of those mortgage-free households.
The spread of these homeowners varies widely across congressional districts. Parts of the South, like Texas’s 34th West Virginia’s 1st and Kentucky’s 5th — have some of the highest ownership rates, riven by lower housing costs and older populations. These patterns highlight the impact of regional affordability and demographics on homeownership trends.
