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Which Areas of Chicagoland Are Mortgage Free?

by Peter Thomas Ricci

What communities in Chicagoland have the highest percentage of mortgage-free homes?

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Who are the homeowners in the Chicagoland area who truly owns their home, mortgage free? According to a new study from Crain’s, they’re either old or wealthy.

In an analysis of the city of Chicago and all of its surrounding suburbs, Crain’s found that areas with the highest percentage of mortgage-free homes are in areas that are predominantly elderly and/or affluent. Even lower-income areas, such as Ford Heights, had a high percentage of mortgage-free homes because of the area’s large concentration of older residents who have lived in their homes for decades.

How did some of the areas compare? We collected a few and published them in our infographic below:

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