Question by A: 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!
Best answer:
Answer by Oldmansea
I would guess, 3% some own more but most have lost a lot of equity.
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I’ll start the survey. I own 100% of my home.
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 totally 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.
My home is also paid for. My age is 58, but I paid it off in 1997 on a fifteen year note. People should learn to live within their means. At the time I purchased my home interest rates were between 16 and 18%. Now, their crying about 5%. Give me a break. Most of the people who are in this financial mess put themselves there.
I haven’t found up to date info, but found this: http://www.parapundit.com/archives/005051.html which warns that the average American’s equity in their home has dropped to 47.9% in late 2007, and that this was the first time since they ever tracked the info that it’s dipped below 50%.
When you ask “what ar the odds that an American would ever pay off their home”, I have to admit I’m surprised by the question. Perhaps it’s a cultural difference (I’m Canadian), but it rather baffles me that anyone would not have the goal of paying off the mortgage at least eventually. The point of owning your home over renting is that the money you spend on your mortgage should be paying down the principle. If you keep refinancing and never pay it off, you’re paying a lot of interest on your loan over and over again – which is not building up your equity at all! If you’re not planning on every paying off your home, you’re better off renting and socking away the extra money you make into investments than to keep paying interest on a loan you’ll never pay off for the rest of your life.
BTW, I’m in my early 30s and own 100% of my home.