The Percentage Of Florida Homes That Are Paid Off

Florida homes
A higher percentage of Florida homeowners are mortgage-free as compared to the rest of the country.

According to U.S. Census data, nearly 63% of owner-occupied housing units are mortgage free for homeowners age 65 and up. As for homeowners younger than age 65, this figure drops to fewer than 28%. Of course, if owning a home is considered to be “The American Dream”, then owning a home mortgage-free would the “The Ultimate Dream”!

Florida, with its beaches, theme parks, and balmy weather, is a dream destination for many. But beyond the tourist haven lies a thriving residential market, with countless individuals calling the Sunshine State home. As with any housing market, understanding ownership trends is crucial, and one key metric is the percentage of homes that are paid off.

So, how many Floridians own their piece of paradise debt-free? As of the third quarter of 2023, around 29.7% of homes in Florida are mortgage-free, exceeding the national average of 27.7%. This positions Florida as one of the states with the highest share of homes owned outright.

What’s causing this trend for Florida homes?

  • Retiree haven: Florida attracts retirees, who often own their homes outright after years of mortgage payments. The state’s 65+ age population sits at over 20%, significantly influencing ownership statistics.
  • Tourism-fueled economy: The tourism industry brings in substantial revenue, potentially enabling residents to prioritize home ownership and pay off mortgages faster.
  • Affordable housing (compared to other coastal states): While Florida’s housing costs have risen, they remain lower than in some other popular coastal destinations, potentially making home ownership more attainable.

Discrepancies among Florida homes

  • Age gap exists: While the overall ownership rate is high, a significant disparity exists between age groups. Over 60% of homeowners aged 65 and above own their homes free and clear, compared to less than 30% of younger homeowners.
  • Regional variations: Ownership rates differ across Florida’s diverse counties. Wealthier areas tend to have higher percentages of paid-off homes.
  • Economic factors: Rising interest rates and inflation could impact future home ownership trends, potentially making it more challenging for younger generations to achieve mortgage-free status.


Owning your home outright offers financial freedom and stability. However, the decision to prioritize mortgage payoff depends on individual circumstances and financial goals. Carefully consider your options, consult with your real estate agent and financial advisor, and remember, whether with a mortgage or mortgage-free, owning a slice of paradise in Florida can be a fulfilling dream.

Additional points to consider:

  • Explore the impact of recent economic changes on mortgage delinquency rates in Florida.
  • Highlight resources available for first-time home buyers in Florida.
  • Discuss the potential benefits and drawbacks of prioritizing early mortgage payoff.

Are you looking to buy or sell real estate in the South Florida area? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download the free Florida Home Search app for your smartphone or tablet today!

By natasha moore

REALTOR® with Live South Florida Realty, Inc.