Only 40% of respondents in a new survey say they intend to pay off their home mortgages, and slightly more than a third (34%) said they do not plan on paying off their home loans at all.
More than 1,000 online visitors took part in the poll, which was completed Tuesday after being asked of consumers by Housing Predictor for three weeks. The survey indicates that most homeowners with a mortgage feel that it is unlikely they will be able to pay off their mortgage in the current economy.
High unemployment, underemployment and fewer mortgage holders with any home equity contribute to the issues surrounding the troubled U.S. economy. Almost one in two homeowners with mortgages are underwater on their homes in the 15 states hardest hit by the housing downturn.
Only 26% or slightly more than one in four said they had already paid off their homes to have free and clear properties. In the 1950s almost half of all U.S. homes were free of mortgage debt, but as real estate values increased over the intervening years homeowners took out more loans to reach an all-time $10-trillion in U.S. housing debt.
Do you plan on paying off your home mortgage?
Yes 40% No 34% It’s already paid off 26%
To see the previous poll results click here.