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Over half the homes in Alabama are mortgaged

Gavop’s latest study shows that over half of all homeowners in Alabama have used mortgages to help finance their house. As of 2016, 56.61 percent of homes had a mortgage or other debt and 6.37 percent of homes had a second mortgage, equity loan, or both.

Gavop analyzed data from the United States Census Bureau to to confirm the proportion of mortgaged homes at the county, state, and national level.

As of 2016, Walker County has the largest proportion of mortgaged homes at 56.97 percent. Dekalb County has the next largest percentage of mortgaged homes at 55.95 percent, followed by Talladega County at 51.09 percent, Calhoun County at 50.58 percent, and Marshall County at 50.24 percent.

Counties with the Highest Percentage of Mortgaged Homes in Alabama

County Percentage of Homes with a Mortgage or Other Debt
Walker County 56.97%
DeKalb County 55.95%
Talladega County 51.09%
Calhoun County 50.58%
Marshall County 50.24%

Additionally, Gavop identified the counties with the largest increase in the proportion of mortgaged homes from 2009 to 2016. The following graph illustrates how the number of mortgaged homes in St. Clair County increased by 11.37 percent while Talladega County saw the next largest increase at 8.99 percent followed by Elmore County at 6.55 percent, Limestone County at 6.43 percent and, lastly, Madison County at 5.38 percent.

Throughout the United States, 63.04 percent of homes are mortgaged or in other debt and 8.79 percent of homes have a second mortgage, equity loan, or both.

From 2009 to 2016, the proportion of homes with a second mortgage, equity loan, or both has declined both at the state and national level. In 2009, 12.07 percent of homes in Alabama and 16.9 percent of homes in the nation had a second mortgage. However, in 2016, both these numbers reduced by about half: only 6.37 percent of homes in Alabama and 8.79 percent in the United States had a second mortgage.

Alabama and United States Homeowners Debt for 2009 and 2016

Location % of Homes with Mortgage or Other Debt 2009 % of Home with 2nd Mortgage or Equity Loan or Both 2009 % of Homes with Mortgage or Other Debt 2016 % of Home with 2nd Mortgage or Equity Loan or Both 2016
Alabama 60.61% 12.07% 56.61% 6.37%
United States 67.81% 16.9% 63.04% 8.79%

 

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