The number of paid-off mortgages is pretty high.
According to a Zillow analysis, about 21 million Americans (or 29.3 percent of homeowners) own homes unencumbered by mortgages. Out of these, the largest group composed of 65-74-year-olds makes up about 20 percent. Also, Zillow found 34.5 percent of 20-24-year-olds are also own their homes outright. Only 28 percent of homeowners in the Miami-Fort Lauderdale area are debt-free, i.e., have paid-off mortgages; compared to 33 percent in Tampa.
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