One in five Portland homeowners mortgage-free

One in five Portland homeowners mortgage-free

More than one in five Portland-area houses are owned without an outstanding mortgage.

According to the real estate website Zillow, which analyzed data from credit reporter TransUnion, the free-and-clear homeownership rate in the Portland metro is 21.8 percent. Nationally, it's 29.3 percent.

Homeowners age 65 to 74 are most likely to own their homes outright. They have typically paid down -- and eventually paid off -- their mortgage over a long period of time. Curiously, 34.5 percent of 20- to 24-year-old homeowners were also mortgage-free.

Read more at OregonLive.com.

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