When it comes to homeownership, the U.S. ranks in the bottom third percentage of countries where households own their residences without the burden of a mortgage.
According to a Forbes report, the Organization for Economic Co-operation and Development (OECD) published a study of 28 countries found where the homeownership rate was “free and clear” of mortgages. The U.S. ranked 26th with a 23% share of homeowner households that did not carry a mortgage. Only Denmark (11%) and the Netherlands (9%) ranked lower.
At the other end of the spectrum, Eastern Europe saw the most countries with a share of “free and clear” homeownership: Lithuania led the OECD rankings with a 83% share, followed by the Slovak Republic (69%), Hungary (68%), Slovenia (68%) and Poland (66%) in the top five.
Joining the Netherlands, Denmark and the U.S. in the bottom five were Germany (27%) and Canada (28%).
Does this include HELOCs? Eastern European nations do not have them
Is it my imagination or do the countries with a closer proximity to Russia have a higher rate of mortgage fee ownership possibly due to potential insecurity worries for lenders or lower property values?
It is because they are in countries that can remember how bad it was living under communism. They work very hard to own something.
Conversely, you’ll notice countries that have more socialism and handouts fall on the opposite end of the spectrum.