AM 800 CKLWAM 800 CKLW

Boomers hanging on to homes causing shortages

View descriptionShare

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. 

  • Facebook
  • Twitter
  • WhatsApp
  • Email
  • Download

In 1 playlist(s)

  1. The Shift with Patty Handysides - Sound Bites

    2,464 clip(s)

AM 800 CKLW

Social links
Recent clips
Browse 18,689 clip(s)