According to the Perplexity AI search results, 32 percent of New Zealand households have a mortgage on their primary residence. This means that approximately one-third of homeowners in New Zealand are currently paying off a mortgage.
It's important to note that homeownership rates in New Zealand have been declining over the past few decades.
Home ownership peaked in the 1990s at 73.8 percent of households, but by 2018, it had fallen to 64.5 percent, and 55% in 2019. This decline in overall homeownership rates may impact the proportion of homeowners with mortgages.
The data also reveals some interesting trends related to mortgages and homeownership in New Zealand:
The median property debt has increased significantly in recent years, reaching $260,000 in the year ended June 2021, which is up $56,000 over the previous three years.
Among older New Zealanders (aged 65 and above), the percentage of those who are mortgage-free has decreased from 78% in 2007 to 72% in 2017. This suggests that more retirees are carrying mortgage debt into their retirement years.
The number of New Zealanders with mortgages past the age of 65 has risen by 15% since June 2018, from 118,000 to 136,000.
Only 38 percent of people between the ages of 55 and 64 are mortgage-free, indicating that a significant portion of pre-retirees are still paying off their homes.
These statistics highlight the changing landscape of homeownership and mortgage debt in New Zealand, with more homeowners carrying mortgage debt later in life and facing higher property debt levels overall.
https://www.stats.govt.nz/news/mortg...ehold-debt-up/
Total household debt increased 29 percent from the year ended June 2018 to the year ended June 2021, Stats NZ said.
https://retirement.govt.nz/policy-an...home-ownership