Real Estate
More Than 1,160 Batavia Homeowners Are Mortgage-Free
Crain's Chicago Business reports 16.2 percent of Batavia homeowners own their homes outright.
If the interactive map on Crain's Chicago business is correct, about 16.2 percent of Batavia 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, about 1,164 of us have paid off our mortgage loans.
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According to the map, Geneva leads the league among the Tri-Cities with 24.1 percent of mortage-holders paying off their home loans. 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 about the same size as Batavia. About 19.1 percent of West Chicago homeowners have paid off their mortgages.
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But we're all slackers compared to the rest of the Chicago area. According to the Crain's analysis, 26 percent of Chicago-area homeowners are mortgage-free.
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.
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