Real Estate
Many Palos Homeowners are Mortgage-Free
Crain's Chicago Business reports over half of Palos Heights homes are fully paid off. 38.2 percent of Palos Park and 36.2 percent of Palos Hills homeowners own their homes outright.
Communities with a large segment of senior citizens or high median incomes tend to have the highest percentage mortgage-free homes, according to Crain’s Chicago Business.
According to the Crain's analysis of 4,784 Palos Heights homeowners, 51.2 percent are mortgage-free. That compares to 38.2 percent paid-off homes in Palos Park and 36.2 in Palos Hills.
These numbers are all higher than the Chicagoland average of 26 percent of homeowners being mortgage-free.
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