June 27, 2000
The proportion of older homeowners who were mortgage free increased between 1984 and 1997.
For 65-to-74 year olds the percentage of homeowners who were without a mortgage rose from 59.2 percent in 1984 to 61.0 percent in 1997. Homeowners who were 75 and older are even more likely than the 65-to-74 year olds to be mortgage free: In 1984, 63.7 percent were without a mortgage, and the proportion increased to 66.8 percent in 1997.
These data are from the BLS Consumer Expenditures Surveys program. Read more about expenditures of older consumers in "Expenditure patterns of older Americans, 1984-97," by Geoffrey D. Paulin, Monthly Labor Review, May 2000.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, More seniors are mortgage free at https://www.bls.gov/opub/ted/2000/jun/wk4/art02.htm (visited November 28, 2022).