Older Homeowners Have Fewer Mortgaged Homes in Texas
By: Kevin Pryor June. 12, 2018
A recent study conducted by Gavop using United States Census Bureau data clearly shows that in the state of Texas, the number of mortgaged homes decrease as the mortgage holder’s age increases. In general, as people grow older, they are able to accumulate more money to pay off mortgage debt, as opposed to younger adults who may be on their first or second homes.
Specifically, 79.02 percent of homeowners under the age of 34 had a mortgage on their home in 2016. In the case of people 35-44 years-old this value was similar at 78.3 percent, while 60.76 percent of homes were mortgaged for those aged 45-64. That number drops to 30.44 percent for seniors aged 65 and above.
Percentage of Mortgage Holders by Age Group in Texas: 2009 and 2016
| Location | % of mortgaged homes for <34 age group in 2009 | % of mortgaged homes for 35-44 age group in 2009 | % of mortgaged homes for 45-64 age group in 2009 | % of mortgaged homes for >65 age group in 2009 | % of mortgaged homes for <34 age group in 2016 | % of mortgaged homes for 35-44 age group in 2016 | % of mortgaged homes for 45-64 age group in 2016 | % of mortgaged homes for >65 age group in 2016 |
|---|---|---|---|---|---|---|---|---|
| Texas | 85.79% | 83.23% | 66.06% | 26.07% | 79.02% | 78.3% | 60.76% | 30.44% |
| United States | 89.5% | 89.16% | 73.8% | 32.26% | 83.1% | 83.92% | 69.4% | 37.48% |
As the baby boomer generation is now approaching its retirement years, it is interesting to see what the landscape of home mortgage looks like among them compared to the older generation.
The numbers show that at 62.29 percent, Liberty County has the highest proportion of 45-64 year-olds who own a home without a mortgage. Following this is Angelina County with 60.23 percent of homes without mortgages, followed by Ector County at 58.88 percent, Cameron County at 57.92 percent, and Hidalgo County at 57.8 percent.
Both Angelina and Hidalgo County also have the highest proportion of homeowners without a mortgage over the age of 65 at 86.89 percent and 85.04 percent, respectively.
The following graph compares the percentage of homeowners without mortgage debt for the age groups 45-64 and above 65.
The proportion of homes without mortgages are lower among the younger age groups in Texas. The highest proportion of homeowners without mortgage debt among the under 34 age group is 63.23 percent in Henderson County, followed by Liberty County at 52.81 percent, Hidalgo County at 38.27 percent, San Patricio County at 36.11 percent, and Gregg County at 31.34 percent.
Additionally, Liberty County has the highest population of those aged 35-44 at 45.91 percent, followed by Orange County at 40.41, Ector at 39.87, Cameron at 38.73, and Bastrop at 37.14.
ABOUT THE AUTHOR
Kevin Pryor
Kevin Pryor currently works as a data analyst and public relations associate where he takes pride in analyzing data and sharing the amazing insights it presents to various target audiences. Kevin graduated from the University of Connecticut with a bachelor’s degree in communication and has a passion for the results that can come from effective communications. While at school, he interned with Total Mortgage, Stafford Motor Speedway and UConn Community Outreach. In his free time, Kevin enjoys outdoor activities, cinema, traveling, and spending time with friends and family.
