PHOENIX — Do you have your home paid off? More people in the Valley are saying they do.
According to recent data, just over one-third of Valley homes were reported to be owned outright as of 2022. That number was a jump from just under one-third of homes in 2017.
Nationally, 40% of homes are reportedly owned outright, so the Phoenix area is still lagging.
If you are still making mortgage payments, should you be doing more to pay it off faster? Experts say: it depends.
Some people get a “psychological perk” knowing their home is paid off, Axios says. Otherwise, it may be a smart idea to invest that extra money instead.
