How Many Homes Have A Second Mortgage In The U.S.? (2024)

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How Many Homes Have A Second Mortgage In The U.S.? (2024)

FAQs

How Many Homes Have A Second Mortgage In The U.S.? ›

Back in 2010, nearly a quarter (24.6%) of homes with a mortgage had either a second mortgage or a home equity loan, equivalent to about 12.72 million homes. As of 2021, that figure is way down, to only 11.6% of homes, equal to roughly 5.76 million homes.

What percent of Americans have a second home? ›

Second home ownership statistics show that 6.02% of individuals aged 30–49 own a second home. This age group has a higher second home ownership percentage than those aged 18–29 and 50–64, whose rates are 4.68% and 4.13%, respectively.

Do 2nd mortgages still exist? ›

Types of second mortgages. There are two primary types of second mortgages: a home equity loan and a HELOC. Both allow you to tap the equity you've built in your home and can be cost-effective ways to borrow money.

How many Americans have a home equity loan? ›

Roughly 48 million people have access to tappable equity, which averages out to about $206,000 per homeowner, up from $185,000 at the same time last year. Two-thirds of those homeowners also have credit scores of 760 or higher, and mortgage rates below 4%, ICE said.

What percentage of homes in US have a mortgage? ›

Nearly 40% of U.S. homes are mortgage-free, census shows.

How many people have 2nd mortgages? ›

Homes With a Second Mortgage in the U.S.
GeographyYearOwner-occupied housing units with either a second mortgage or home equity loan
United States20215,764,608
United States20206,105,481
United States20196,196,012
United States20186,516,767
8 more rows
Jul 31, 2023

What state has the most 2nd homes? ›

As of 2020, the state with the largest stock of second homes was Florida (1.04 million), accounting for 10.8% of all second homes. South Dakota had the smallest stock, approximately 19,225 second homes, among all 50 states.

What percentage of Americans are mortgage free? ›

An increasing number of Americans have realized the dream of owning a home without the burden of a mortgage. Nearly 40% of homeowners in the country now own their homes outright, marking a record high in mortgage-free ownership as of 2022, Bloomberg reported Friday (Nov. 18).

How much equity do most Americans have in their home? ›

According to the February 2024 ICE Mortgage Monitor report, the average homeowner currently has about $299,000 in home equity, about $193,000 of which is tappable home equity. Keep in mind that the above is the average equity American homeowners have, so yours may be higher or lower depending on a range of factors.

Who owns the most mortgages in the US? ›

Who is the nation's largest mortgage lender? Rocket Mortgage is the largest mortgage lender in the United States, originating 464,363 mortgages worth $127.6 billion in 2022.

How many Americans are debt free? ›

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more. The exact definition of debt free can vary, though, depending on whom you ask.

What is the average age people pay off their mortgage? ›

But with nearly two-thirds of retirement-age Americans having paid off their mortgages, it means that the average age they have gotten rid of that debt is likely in their early 60s. Stats from 538.com, for example, suggest the age is around 63.

What percentage of Americans pay off their mortgage? ›

40% of Americans Pay Off Their House — Are They Doing Better Financially? For most Americans, a home mortgage is the biggest financial obligation they will ever have. A traditional mortgage spans 30 years and is often in the hundreds of thousands of dollars, so the interest charges can be enormous.

How many people in the U.S. own a vacation home? ›

Almost 6 percent of American households own a vacation home, a recent survey shows, up a little more than 1 percent since the last detailed study of recreation property was done 17 years ago. The new findings: 5.5 million families own vacation homes or timeshares and another 2.1 million own vacant land or campsites.

What percentage of Americans own a home over time? ›

Homeownership Rates by State

New York (53.6%), California (54.6%), & Hawaii (58.3%) are the three states with the lowest rates of homeownership. Historically, these are three most expensive states, in terms of average home prices, in the U.S. The region of the U.S. with the most homeowners is the Midwest (70.1%).

What percentage of Americans own rental properties? ›

Most rental properties are owned by individuals, but only a small share of individuals own rental property, according to IRS income-tax data. In 2018, 6.7% of individual tax filers (about 10.3 million) reported owning rental properties. Those filers reported owning 1.72 properties on average.

Where do most people have second homes? ›

The 30 Areas of the United States With the Most Second Homes
Metro AreaNumber of Residences Used Only for Seasonal, Recreational, or Occasional Use
1Marinette-Iron Mountain, WI-MI16,211
2Salisbury-Cambridge, MD-DE69,160
3Edwards-Glenwood Springs, CO16,898
4Myrtle Beach-Conway, SC-NC75,810
26 more rows

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