WRE News: Over 40% of Miami Homes Owned Outright in 2022

Miami, FL – January 6, 2024 – In a surprising turn, Miami boasts a notable 43.6% of homes owned outright, a stark rise from 2.3% just five years ago, according to the latest census data.This surpasses the national average of nearly 40%, the highest since 2005, highlighting a significant shift in homeownership dynamics. The implications are substantial—those with fully-owned homes in Miami appear immune to concerns over escalating mortgage rates. Delving into the statistics, it becomes evident that a considerable number of these mortgage-free homeowners in Miami are baby boomers. Their strategic move involved refinancing during periods of lower interest rates, as reported by Bloomberg.