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Nearly 40% of homeowners have no mortgage. Here’s where

This week the U.S. Census Bureau's American Community Survey five-year estimates ending in 2024 show nearly 40% of homeowners in the United States have no mortgage, totaling over 33 million people.
The Census said about 40% of homeowners in West Virginia own their homes free and clear, possibly due to higher interest rates and home prices, which discourage moves.
States show sharp contrasts: West Virginia has 54% mortgage-free homeowners, New Mexico has 49% of about 586,000 owner-occupied homes free of mortgages, while roughly 76% in Washington, D.C. carry mortgages.
That shift reduces available for-sale housing and has risen from 26.7 million years ago, reducing turnover as homeowners without a mortgage increase amid Federal Reserve rate caution.
The ACS aggregates responses over five years and focuses on owner-occupied homes, excluding second homes and rental properties from the American Community Survey five-year estimates.

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