More than half of baby boomers (54%) who own homes own them free and clear, with no outstanding mortgage, according to the data. This means that their median monthly cost of owning a home – which includes insurance and property taxes, among other things is just over $600. 

In addition, nearly all boomers who do have a mortgage have a much lower interest rate than they would if they sold and bought a new home with today’s interest rates. As of Monday, the current 30-year fixed mortgage rate stood at 6.77%, according to data by Freddie Mac.