People In Miami Own Their Homes
People in Miami have burned their mortgages or paid cash for their homes. The city has the highest rate of people who own their homes “outright,” which means they have no mortgage. The reason for this is, according to Realtor.com, that they are older than homeowners in other cities.
The percentage of people with mortgages in a given city may determine the rate of sales. Danielle Hale, Chief Economist at Realtor.com, commented, “In markets like Denver or Washington, D.C., where most owners are still paying off their mortgages, lower rates are more likely to spark renewed activity. Meanwhile, metros with older populations and more outright owners, like Buffalo or Miami, may see a lower market-level response, even though lower rates are a difference-maker for some individuals in these markets.”
Are Older Americans Likely To Sell?
The outright home ownership rate in Miami is 44.8%. Tampa is fifth at 42.3%. The others at the top of this list are older, industrial cities, many of which have lost population. Buffalo ranks second at 44.2%, followed by Pittsburgh at 44.2% as well, followed by Detroit at 42.3%
The idea that homes without mortgages means that owners will be more or less likely to sell their homes is just a theory. If the residents of these areas are usually older, that is probably a more gating factor.
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