Communities with a large segment of senior citizens or high median incomes tend to have the highest percentage mortgage-free homes, according to Crain’s Chicago Business.
In Lake in the Hills, 9.3 percent of homeowners own their homes outright, which is a much lower rate than surrounding communities, such as Algonquin, where 16.5 percent of homeowners have paid off their mortgage; and Huntley, where 34.2 perent owe nothing on their mortgage, according to Crain's.
Here’s a look at other McHenry County communities:
% of Mortgage-Free Homes
Lake in the Hills
- How Wealth Ranges by Neighborhood in Lake in the Hills
- How Wealth Ranges by Neighborhood in Algonquin