More Than 1,500 Geneva Homeowners Are Mortgage-Free

If the interactive map on Crain's Chicago business is correct, about 24.1 percent of Geneva homeowners have paid off their mortgages.

That's an impressive statistic, particularly during these economic times, when we see so many foreclosures and double-mortgages.

The stats on the Crain's map don't match up 1-for-1 with the source data from the Census Bureau's American Community Survey 2007-11, but if they are accurate, more than 1,543 of us have paid off our mortgage loans.

According to the map, Geneva leads the league among its neighbors. About 23.5 percent of St. Charles' 8,691 mortgage-holders and 16.2 percent of 7,187 Batavia mortgage-holdlers have paid off their home loans.

West Chicago must have more rental units and higher residency per household, because Crain's shows just 5,155 mortgages for a community with 6,000 or so more people than Geneva. About 19.1 percent of West Chicago homeowners have paid off their mortgages.

Crain's says cities with a large segment of senior citizens or high median incomes tend to have the highest percentages of mortgage-free homes. 

According to the Crain's analysis, 26 percent of Chicago-area homeowners are mortgage-free. 

City/Town

Percent

Homes*

St. Charles

23.5%

8,691

Campton Hills

20.3%

3,148

West Chicago

19.1%

5,155

Wayne

15.5%

928

South Elgin

11.5%

6,236

Geneva

24.1%

6,404

Batavia

16.2%

7,187

North Aurora

17.1%

4,839

If you own a home, are you still paying off your mortgage? When will you be mortgage-free?