El Paso leads the nation in homes that are paid off.
The Sun City landed in the No. 2 spot in Consumer Affairs’ report for “Cities with the most paid-off homes,” coming second to Detroit, Michigan.
The study used Census Bureau data to rank cities by the percentage of homes that are fully paid off and compared the total number of owner-occupied homes with the number without a mortgage to determine the share of mortgage-free homes.
El Paso has nearly 49% of homes with mortgages paid off, totaling 74,127 homes — the median price of those homes is $186,000, according to the report.
There are a total of 77,651 homes that are still being paid off, with a median price of $232,000, the report added.
Detroit, by comparison, has a whopping 65.9% of homes that are mortgage free, though the median home value is much lower than El Paso’s — $81,200.
Two Texas cities trailed El Paso: Houston (No. 3), with 48% of homes mortgage-free, and San Antonio (No. 4), with 46% of homes paid off.
Natassia Paloma may be reached at npaloma@gannett.com, @NatassiaPaloma on Twitter; natassia_paloma on Instagram, and Natassia Paloma Thompson on Facebook.
This article originally appeared on El Paso Times: El Paso tops list of cities with most paid-off homes in the nation
Reporting by Natassia Paloma, El Paso Times / El Paso Times
USA TODAY Network via Reuters Connect
By Natassia Paloma, El Paso Times | USA TODAY Network
