What percentage of a home does the average American home-owner own?
That is, if an average American home-owner were to appraise their home today what percent would they own in equity?
More specifically, how much does this percent vary between different home-owner age brackets? And, considering this, what are the odds that the average American home-owner will ever pay off their mortgage?
Sorry for the barrage of questions. It would seem that answers to these could be of value to those of us that are younger and hoping to set somewhat realistic, lifelong financial goals.
Thanks!
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I too own 100% and if it helps the age bracket is..well…over the age of 60 if that helps you any.
Added
I really agree with George G’s assessment. People now want 40 year mortgages, nothing down, and even interest only for a few years.
My home has been paid off for many years, I took on a 15 year mortgage with high interest rates and paid it off in 9 years. How? Because I could COMFORTABLY afford the house.