Cities With the Most Paid-Off Homes
- Detroit has the highest share of paid-off homes (65.9%). Although the city has a low median income ($39,209), its median home value is just $95,900, making it easier for homeowners to pay off mortgages over time.
- Aurora, Colorado, has the lowest share of paid-off homes (24.2%). Despite a relatively high median income ($93,837), the city’s median home value is $494,600, meaning many homeowners likely still carry large mortgages.
- Home prices alone don’t determine mortgage-free ownership. New York City has a median home value of $778,600, but the fifth-highest share of paid-off homes (46%), likely reflecting many long-term homeowners.
- Charlotte, North Carolina, has a median home value of $431,900 but the third-lowest share of paid-off homes (26.6%), which may reflect rapid population growth and a higher share of recent homebuyers.
Methodology
The ConsumerAffairs research team analyzed U.S. Census Bureau data to rank cities by the percentage of homes that are fully paid off. The analysis included only cities with populations of 400,000 or more. We compared the total number of owner-occupied homes with the number without a mortgage to determine the share of mortgage-free homes. We also analyzed median home values across all homes, including those with and without mortgages, to provide additional context about housing costs in each city. The data comes from the American Community Survey one-year estimates from 2024, the most recent data available at the time of publication.