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Share of 65-and-older homeowners with a mortgage: 23.51%
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Median value of homes owned and occupied by those 65+: $357,000
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Median value of all owner-occupied housing units: $365,800
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Median monthly housing costs for homes with a mortgage owned and occupied by those 65+: $1,386
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Median monthly housing costs for all owner-occupied housing units with a mortgage: $1,616
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San Diego, Miami and Las Vegas have the largest share of 65+ homeowners with a mortgage. Across these metros, an average of nearly a quarter — 23.74% — of homeowners 65 and older have a mortgage. In 2019 — before the pandemic — Miami had the largest share of retirement-age homeowners, while Las Vegas was fourth and San Diego was seventh. [Source]
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Salt Lake City, Austin, Texas, and Dallas have the smallest share of 65+ homeowners with a mortgage. An average of only 13.91% of homeowners who are 65 and older have a mortgage in these metros. [Source]
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Metros in CA tend to be home to larger shares of older homeowners with mortgages, while TX metros tend to be home to smaller shares. Five of the 10 metros with the largest share of 65-and-older homeowners with a mortgage are in CA, while four of the 10 metros with the smallest share of 65-and-older homeowners with a mortgage are in TX.
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Typically, the homes owned by those 65+ are worth less than those owned by the general population. Across the nation’s 50 largest metros, the median values of older homeowners’ homes are worth an average of $20,214 less than the median value of homes owned by the general population, up from $10,626 in 2019. Los Angeles is the only metro where the median value for homes owned by those 65 and older is higher than the median value of homes owned by the overall population.
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Even if they’re still paying off their mortgage, older homeowners usually have lower housing costs. Across the nation’s 50 largest metros, median monthly housing costs for 65+ homeowners with a mortgage are an average of $297 less than for the overall population of homeowners with a mortgage.
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