It was ten years ago this month that we made our last mortgage payment. It was a joyous occasion.
By the numbers: 30.9% of Twin Cities metro-area homes were owned outright in 2022, up from 27.7% in 2017, according to the latest census data. The number of people who own homes free and clear is on the rise probably because older people are more likely to have the mortgage paid off.
I have read a lot of advice that says having a mortgage is a good thing. Yes, mortgage interest may be tax deductible but only for those who itemize. Those deductions work the best for the wealthy. In fact, if you are wealthy, buy real estate.
If you managed to pay off your mortgage congratulations! Don’t let anyone tell you that it was a mistake to pay it off.
