Since we all agree that wealth is enhanced if you have a home that’s paid for (no mortgage) – I’ll offer up some more government produced demographic data specific to San Diego county.
Looking at this you see for 2006/2007 23% of homes did NOT have a mortgage.
136,603 (homes without mortgage)
589,928 (total homes)
(I know several of my neighbors fit this demo… and I hope to join them in around 8 years – making the extra principal payments to make it happen.)
The median value for the owner occupied home that is mortgage free is $479,100… That’s a nice asset. (One that takes income: passive or active to maintain, but still a nice asset.)
And here’s the income breakdown for these San Diegans who are mortgage free.
HOUSEHOLD INCOME IN THE PAST 12 MONTHS (IN 2008 INFLATION-ADJUSTED DOLLARS)
Less than $10,000 5.5% +/-0.5
$10,000 to $24,999 19.1% +/-0.9
$25,000 to $34,999 12.0% +/-0.8
$35,000 to $49,999 14.9% +/-0.7
$50,000 to $74,999 16.5% +/-0.8
$75,000 to $99,999 10.7% +/-0.7
$100,000 to $149,999 10.6% +/-0.7
$150,000 or more 10.5% +/-0.8
Median household income (dollars) 48,302 +/-1,173
And finally – the ratio of value of the house vs income for these folks who have no mortage
RATIO OF VALUE TO HOUSEHOLD INCOME IN THE PAST 12 MONTHS
Less than 2.0 11.8% +/-0.7
2.0 to 2.9 6.0% +/-0.5
3.0 to 3.9 7.4% +/-0.6
4.0 or more 73.6% +/-0.8
Not computed 1.2% +/-0.2
