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Metros Where Falling Mortgage Rates Could Spark the Most Change: New Report from Realtor.com®

Washington D.C.; Denver, CO.; Virginia Beach, Va.; Raleigh, N.C.; and Seattle, Wash.; lead the top 5 metros with the highest share of mortgaged homeowners

AUSTIN, Texas , Sept. 25, 2025 /PRNewswire/ -- As mortgage rates drift into the low 6% range following the Federal Reserve's recent rate cut, a new Realtor.com® report found that metros with younger, more mobile populations, such as Washington D.C., Denver, CO., Raleigh N.C. and Virginia Beach, Va. stand to benefit the most from consistently lower mortgage rates. According to our analysis, 81% of existing mortgages have a rate of 6% or lower. In other words, as mortgage rates approach the 6% level, we can expect to see more homeowners "unlocked," especially in areas with high mortgage usage.

The report finds thatWashington, D.C. (73.6%), Denver (72.9%), Virginia Beach (70.7%) and Raleigh (70.7%) lead the nation with the largest share of mortgaged households, making them the most likely to see buyer demand accelerate as financing conditions improve. By contrast, Miami (44.8%), Buffalo (44.2%) and Pittsburgh (44.2%) rank among the least mortgage-reliant metros, suggesting their housing markets may be slower to respond to falling rates.

"Falling mortgage rates open doors for many would-be buyers and sellers, but where you live determines how much the market shifts in response to the opportunity," said Danielle Hale, Chief Economist at Realtor.com®. "In markets like Denver or Washington, D.C., where most owners are still paying off their mortgages, lower rates are more likely to spark renewed activity. Meanwhile, metros with older populations and more outright owners, like Buffalo or Miami, may see a lower market-level response, even though lower rates are a difference-maker for some individuals in these markets."

Across the 50 largest U.S. metros, the analysis shows wide variation in the role mortgages play. In Washington, D.C., nearly three-quarters of owned homes carry a mortgage, followed closely by Denver and Virginia Beach. These younger, more mobile housing markets are likely to see the fastest reacceleration in demand as borrowing costs decline. On the other end of the spectrum, metros such as Buffalo, Pittsburgh and Miami have the highest share of outright owners, driven by high concentration of older homeowners.

Top 10 Metros with the Highest Share of Mortgaged Households

  1. Washington, D.C. - 73.6%
  2. Denver, Co. - 72.9%
  3. Virginia Beach, Va. - 70.7%
  4. Raleigh NC - 70.7%
  5. San Diego Calif. - 70.0%
  6. Baltimore, M.D. - 69.4%
  7. Atlanta, GA - 69.2%
  8. Seattle, Wash. - 69.1%
  9. Portland, OR - 68.5%
  10. Richmond, VA - 68.3%

Top 10 Metros with the Highest Share of Outright Owners

  1. Miami, Fla. - 44.8%
  2. Buffalo, N.Y. - 44.2%
  3. Pittsburgh, Pa. - 44.2%
  4. Detroit, Mich. - 42.3%
  5. Tampa, Fla. - 42.3%
  6. Houston, Texas - 42.2%
  7. Tucson, Az. -41.9%
  8. San Antonio, Texas - 41.5%
  9. Birmingham, Ala. - 41.0%
  10. New York, N.Y. - 40.1%

About 64% of occupied U.S. housing units are owned, and nearly two-thirds of those homeowners have a mortgage.  The age profile of homeowners is driving mortgage reliance nationwide. Older households account for the majority of outright owners, 53.9% were aged 65+ in 2024, on par with levels seen in the previous years. Because most people purchase homes earlier in life, rising property values allow them to build equity over time. That equity can be used to refinance, or to sell and downsize, reducing or eliminating the need for new mortgage debt.

At the state level, the divide is just as stark as by metro. D.C. (74.3%), Maryland (70.0%) and Colorado (69.0%), stand out for their high shares of mortgaged households, while West Virginia (55.1%), Mississippi (51.6%) and New Mexico (50.6%) are home to more outright owners. These differences suggest that rate-sensitive demand will surge more strongly in the Northeast and West regions, while parts of the South may remain less reactive.

For buyers, particularly first-time purchasers, easing mortgage rates can unlock affordability and expand choices. For sellers, the outlook depends on geography: those in high-mortgage metros may see faster-moving markets and stronger competition, while sellers in outright-owner markets may find conditions steadier and less volatile.

Metro Areas Where Mortgages Are Most Common 

Metro

% of Owner-Occupied
Homes With a

Mortgage

% of Owner-Occupied
Homes Without a
Mortgage

Washington-Arlington-Alexandria, DC-VA-MD-WV Metro Area

73.6 %

26.4 %

Denver-Aurora-Centennial, CO Metro Area

72.9 %

27.1 %

Virginia Beach-Chesapeake-Norfolk, VA-NC Metro Area

70.7 %

29.3 %

Raleigh-Cary, NC Metro Area

70.7 %

29.3 %

San Diego-Chula Vista-Carlsbad, CA Metro Area

70.0 %

30.0 %

Baltimore-Columbia-Towson, MD Metro Area

69.4 %

30.6 %

Atlanta-Sandy Springs-Roswell, GA Metro Area

69.2 %

30.8 %

Seattle-Tacoma-Bellevue, WA Metro Area

69.1 %

30.9 %

Portland-Vancouver-Hillsboro, OR-WA Metro Area

68.5 %

31.5 %

Richmond, VA Metro Area

68.3 %

31.7 %

Sacramento-Roseville-Folsom, CA Metro Area

68.1 %

31.9 %

Minneapolis-St. Paul-Bloomington, MN-WI Metro Area

67.7 %

32.3 %

Charlotte-Concord-Gastonia, NC-SC Metro Area

67.7 %

32.3 %

San Francisco-Oakland-Fremont, CA Metro Area

67.6 %

32.4 %

Indianapolis-Carmel-Greenwood, IN Metro Area

67.6 %

32.4 %

Las Vegas-Henderson-North Las Vegas, NV Metro Area

67.2 %

32.8 %

Riverside-San Bernardino-Ontario, CA Metro Area

67.0 %

33.0 %

Boston-Cambridge-Newton, MA-NH Metro Area

66.9 %

33.1 %

Columbus, OH Metro Area

66.5 %

33.5 %

Austin-Round Rock-San Marcos, TX Metro Area

66.2 %

33.8 %

Los Angeles-Long Beach-Anaheim, CA Metro Area

66.1 %

33.9 %

Providence-Warwick, RI-MA Metro Area

65.5 %

34.5 %

San Jose-Sunnyvale-Santa Clara, CA Metro Area

65.4 %

34.6 %

Phoenix-Mesa-Chandler, AZ Metro Area

65.2 %

34.8 %

Nashville-Davidson--Murfreesboro--Franklin, TN Metro Area

65.2 %

34.8 %

Milwaukee-Waukesha, WI Metro Area

64.6 %

35.4 %

Cincinnati, OH-KY-IN Metro Area

64.5 %

35.5 %

Kansas City, MO-KS Metro Area

64.1 %

35.9 %

Jacksonville, FL Metro Area

63.8 %

36.2 %

Orlando-Kissimmee-Sanford, FL Metro Area

63.6 %

36.4 %

Chicago-Naperville-Elgin, IL-IN Metro Area

63.2 %

36.8 %

Hartford-West Hartford-East Hartford, CT Metro Area

63.1 %

36.9 %

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Metro Area

62.9 %

37.1 %

St. Louis, MO-IL Metro Area

62.1 %

37.9 %

Dallas-Fort Worth-Arlington, TX Metro Area

62.0 %

38.0 %

Memphis, TN-MS-AR Metro Area

61.7 %

38.3 %

Louisville/Jefferson County, KY-IN Metro Area

61.7 %

38.3 %

Oklahoma City, OK Metro Area

60.6 %

39.4 %

Grand Rapids-Wyoming-Kentwood, MI Metro Area

60.3 %

39.7 %

Cleveland, OH Metro Area

60.3 %

39.7 %

New York-Newark-Jersey City, NY-NJ Metro Area

59.9 %

40.1 %

Birmingham, AL Metro Area

59.0 %

41.0 %

San Antonio-New Braunfels, TX Metro Area

58.5 %

41.5 %

Tucson, AZ Metro Area

58.1 %

41.9 %

Houston-Pasadena-The Woodlands, TX Metro Area

57.8 %

42.2 %

Tampa-St. Petersburg-Clearwater, FL Metro Area

57.7 %

42.3 %

Detroit-Warren-Dearborn, MI Metro Area

57.7 %

42.3 %

Pittsburgh, PA Metro Area

55.8 %

44.2 %

Buffalo-Cheektowaga, NY Metro Area

55.8 %

44.2 %

Miami-Fort Lauderdale-West Palm Beach, FL Metro Area

55.2 %

44.8 %

Data source: 2024 ACS 1-Year Estimates

States Where Mortgages Are Most Common

State

% of Owner-Occupied

Homes With a
Mortgage

% of Owner-Occupied

Homes Without a
Mortgage

District of Columbia

74.3 %

25.7 %

Maryland

70.0 %

30.0 %

Colorado

69.0 %

31.0 %

Utah

68.0 %

32.0 %

California

66.1 %

33.9 %

Virginia

65.8 %

34.2 %

Rhode Island

65.6 %

34.4 %

Massachusetts

65.5 %

34.5 %

Nevada

65.3 %

34.7 %

Washington

65.1 %

34.9 %

Oregon

63.4 %

36.6 %

New Jersey

62.9 %

37.1 %

Connecticut

62.9 %

37.1 %

Delaware

62.8 %

37.2 %

Georgia

62.7 %

37.3 %

Minnesota

62.6 %

37.4 %

Indiana

62.5 %

37.5 %

Hawaii

60.7 %

39.3 %

New Hampshire

60.6 %

39.4 %

Arizona

60.6 %

39.4 %

North Carolina

60.5 %

39.5 %

Idaho

60.4 %

39.6 %

Alaska

60.4 %

39.6 %

Wisconsin

60.0 %

40.0 %

Ohio

59.7 %

40.3 %

Illinois

59.7 %

40.3 %

Missouri

58.8 %

41.2 %

Iowa

58.1 %

41.9 %

Vermont

57.8 %

42.2 %

Nebraska

57.8 %

42.2 %

South Carolina

57.0 %

43.0 %

Kansas

57.0 %

43.0 %

New York

56.8 %

43.2 %

Pennsylvania

56.7 %

43.3 %

Tennessee

56.5 %

43.5 %

Michigan

56.5 %

43.5 %

Florida

55.8 %

44.2 %

Texas

55.5 %

44.5 %

Maine

55.5 %

44.5 %

Kentucky

54.7 %

45.3 %

South Dakota

54.6 %

45.4 %

Montana

54.1 %

45.9 %

Oklahoma

53.9 %

46.1 %

Alabama

53.5 %

46.5 %

Wyoming

52.9 %

47.1 %

Arkansas

52.4 %

47.6 %

Louisiana

51.8 %

48.2 %

North Dakota

51.3 %

48.7 %

New Mexico

49.4 %

50.6 %

Mississippi

48.4 %

51.6 %

West Virginia

44.9 %

55.1 %

Data source: 2024 ACS 1-Year Estimates

Regions Where Mortgages Are Most Common

Region

% of Owner-Occupied
Homes With a
Mortgage

% of Owner-Occupied
Homes Without a
Mortgage

West

64.3 %

35.7 %

Northeast

59.5 %

40.5 %

Midwest

59.3 %

40.7 %

South

57.5 %

42.5 %

Nation

59.7 %

40.3 %

Data source: 2024 ACS 1-Year Estimates

Methodology
The shares of outright homeowners and homeowners with mortgages are calculated using ACS 1-Year Estimates at the metro, state, regional, and national levels, based on owner-occupied housing units.

About Realtor.com®
 Realtor.com ® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact: Mallory Micetich, press@realtor.com

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SOURCE Realtor.com