What is the average mortgage debt by age?

Average mortgage balances for homeowners: under 35 ($192,000), 35-44 ($241,000), 45-54 ($211,000), 55-64 ($175,000), 65-74 ($142,000), 75+ ($112,000). Balances peak in the 35-44 range when many buy their largest homes, then decline as they pay down principal.

What percentage of Americans have a mortgage?

About 63% of American households own their home, but only about 40% have an active mortgage. Many older homeowners have paid off their mortgages — roughly 38% of homeowners 65+ are mortgage-free.

Is it normal to still have a mortgage at 60?

Yes — it is very common. Homeowners who bought in their 30s or 40s, refinanced, or purchased a new home in their 50s often carry mortgage debt into their 60s. About 46% of homeowners ages 55-64 still have a mortgage.

Should you pay off your mortgage before retirement?

Having no mortgage in retirement reduces monthly expenses significantly, which lowers how much you need saved. However, if your mortgage rate is low (under 5%) and you can earn more in investments, paying extra toward the mortgage may not be optimal. The right answer depends on your rate, tax situation, and risk tolerance.

Average Mortgage Debt by Age (2026 Data)

Mortgage debt is the largest financial obligation most Americans carry. How much is typical for your age group depends on when you bought, how much you put down, and whether you’ve refinanced.

Average Mortgage Balance by Age Group

Age Group	% With Mortgage	Avg Balance (owners with mortgage)	Avg Monthly Payment
Under 35	37%	$192,000	$1,420
35-44	57%	$241,000	$1,750
45-54	55%	$211,000	$1,540
55-64	46%	$175,000	$1,290
65-74	34%	$142,000	$1,050
75+	18%	$112,000	$840

Homeownership Rates by Age

Age Group	Homeownership Rate	Mortgage-Free Homeowners
Under 35	38.5%	~15% of that group
35-44	62.1%	~20% of that group
45-54	70.4%	~25% of that group
55-64	74.8%	~35% of that group
65-74	79.2%	~55% of that group
75+	79.3%	~62% of that group

Total US Mortgage Debt

Year	Total Outstanding Mortgage Debt
2020	$10.8 trillion
2022	$12.0 trillion
2024	$13.2 trillion
2026 (est.)	$13.9 trillion

Mortgage Payoff Timeline

A 30-year mortgage taken at 35 is paid off at 65 — if you never refinance. Many people cash-out refinance, which resets the clock:

Scenario	Mortgage-Free Age
30-year mortgage, bought at 30	60
30-year mortgage, bought at 35	65
30-year mortgage, bought at 40	70
15-year mortgage, bought at 35	50
Refinanced once at year 10	Add 5-10 years

Mortgage Debt vs. Home Equity

As you pay down your mortgage, your home equity (the asset) grows:

Years Into 30-Year Mortgage	Remaining Balance	Equity Built
Year 5	91% remains	~9% + appreciation
Year 10	80% remains	~20% + appreciation
Year 15	66% remains	~34% + appreciation
Year 20	48% remains	~52% + appreciation
Year 25	26% remains	~74% + appreciation

Should You Pay Off Your Mortgage Early?

Mortgage Rate	Market Expected Return	Strategy
Under 4%	~7-10% (index funds)	Invest the difference
4-6%	~7-10%	Balanced approach
Over 6%	~7-10%	Extra payments make sense
Any rate + near retirement	—	Often worth paying off for peace of mind