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Report: 43 percent of young homeowners in greater LA don't have mortgages
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A "for sale" sign stands outside an existing home in Pasadena, California.
(Photo by David McNew/Getty Images)
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For some young homeowners, monthly mortgage payments don’t exist. That’s because they're wealthy enough to buy their homes in cash.
In the LA metro area, 43 percent of homeowners ages 20 to 24 don’t have mortgages, reports Zillow, a Seattle-based online real estate marketplace. Zillow says this is probably because the young homeowners are millionaires - or because their parents can buy the properties for them.
The Los Angeles area ranks tenth among metro areas with young homeowners who can buy outright, says Zillow spokeswoman Alison Paoli. New York takes the top spot with 84 percent of 20-to-24-year olds who can buy free and clear, followed by Detroit and Boston at around 54 percent, Paoli said.
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