For most of us, a mortgage-free home is merely a dream. But millions of others have turned that fantasy into reality.
In a handful of counties across the U.S., large numbers of residents own their homes free and clear. In these places — mostly located in the Sunbelt — homeowners sleep well at night, knowing they don’t have to worry about making a monthly mortgage payment.
A nrecent Bloomberg analysis of data from real estate analytics firm Attom looked at U.S. counties with more than 500,000 homes to see which places have the most homes paid for in full.
Here’s a look at counties with the highest percentage of homeowners who do not have a mortgage.
1. Palm Beach County, Florida
Homes in this county that are paid off: 41.5%
Palm Beach County is home to some of the richest people in the world. In fact, 44 billionaires — including former President Donald Trump — call the county home.
Having stacks of cash makes it easier to eliminate your mortgage.
2. Broward County, Florida
Homes in this county that are paid off: 35.8%
Broward County — just south of Palm Beach County — also is home to plenty of wealthy folks. Fort Lauderdale is located in this county.
3. Cook County, Illinois
Homes in this county that are paid off: 29.7%
Cook County includes Chicago. A lot of rich people live here, but so do many poorer residents.
In fact, household wealth is 200 times lower in some parts of Cook County than in others, according to an Urban Institute report.
The rest of the top 10
Other U.S. counties where a large share of homeowners do not hold a mortgage include:
- Bexar County, Texas: 28.7%
- Clark County, Nevada: 27.8%
- Tarrant County, Texas: 25.7%
- Dallas County, Texas: 24.7%
- Maricopa County, Arizona: 24.1%
- Harris County, Texas: 22.7%
- Riverside County, California: 19.5%