Compared to the rest of the state and country, many parts of The Jersey Shore boast a higher percentage of homes occupied by residents who own their properties free and clear.
Some cases are retiree homeowners who never want to make another mortgage payment, citing their fixed income. Other cases are homeowners who said, despite historically low interest rates, paying off their mortgage was a good calculated financial decision. In nearly every case, the homeowners said that they were glad to have one less bill to worry about in this economy.
Nationally, 30 percent of owner-occupied homes, or about 23 million, are free and clear of mortgages, according to the 2010 census. In New Jersey only 27 percent of owner-occupied homes, or about 570,000, are free and clear of mortgages.
Jersey Shore percentages, however, are much higher. Cape May County tops the list of counties with 36 percent of owner-occupied homes free and clear of mortgages, according to the 2010 U.S. Census. Ocean County comes in a close second at 35 percent and Cumberland is third at 34 percent. Atlantic City is sixth at 28 percent.
Percentages are even higher in some coastal pockets. For instance, in Seaside Park, Ocean County, about 45 percent of owner-occupied homes are owned free and clear of a mortgage.
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