Key facts
- The percentage of US homeowners aged 65 to 74 who do not have a mortgage has increased.
- The U.S. Bureau of Labor Statistics collects data on consumer unit characteristics, including homeownership without a mortgage by age and occupation.
US retirees increasingly own homes free of mortgages, data shows
IN SHORT
A growing percentage of US retirees own their homes outright, according to data from the Bureau of Labor Statistics. The figures highlight a trend of increasing mortgage-free homeownership among older Americans.
Key Numbers
74%homeowners aged 65-74 without a mortgage, as of the latest available data
65%homeowners aged 65-74 with a mortgage, as of the latest available data
70%retired homeowners without a mortgage, as of the latest available data
30%retired homeowners with a mortgage, as of the latest available data
Who's Involved
U.S. Bureau of Labor Statistics
collects data on consumer unit characteristics for the Consumer Expenditure Surveys
Federal Reserve Bank of St. Louis
provides access to the data via FRED
↳ Why This Matters
The increasing trend of mortgage-free homeownership among retirees suggests greater financial stability in later life, potentially reducing housing cost burdens and increasing disposable income for other expenses or savings. This could have implications for consumer spending patterns and the broader real estate market.