In the midst of a continued interest in homeownership through the economic downturn and Great Recession, the percentage of older American homeowners who have mortgages rose slightly, while the share who own a home with no mortgage or rent declined.
Those who have a home mortgage rose from 18% to 20% of those ages 65 and older, according to a report released by the Social Security Administration.
Still the vast majority fall into the category of homeowners who own their homes free and clear, although that percentage has fallen slightly from nearly 63% to just over 60%.
Housing expenditures rose across the board for the 65-plus age group, rising from 29% to 31% of total expenditures for those without mortgages, according to the SSA. For those who have a mortgage, housing rose from 35 percent to 39 percent of total expenditures.
Written by Elizabeth Ecker