Downsizing Without Debt: How Tampa Homeowners Are Buying Their Next House in Cash

If you’ve been thinking about downsizing to lower expenses, be closer to family, or simply make life easier, here’s a trend worth paying attention to:

More Tampa homeowners are buying their next house outright, without taking on a new mortgage. And, if you’ve owned your home for a while, you may be able to do the same — no mortgage, no monthly housing payments.

A Record Share of Homeowners Are Mortgage-Free

According to analysis from ResiClub of Census data, more than 40% of U.S. owner-occupied homes are mortgage-free — an all-time high. That means 4 in 10 homeowners own their homes free and clear (see graph below):

In Tampa Bay communities like Carrollwood, Citrus Park, and Westchase, many longtime homeowners are in this position — giving them significant buying power for their next move.

How Downsizers Are Turning Equity into Buying Power

Your home equity is your biggest advantage in today’s market. If you’re mortgage-free (or close to it), you may have the ability to buy your next home in cash. That means:

• No mortgage payment in retirement
• Less financial stress and more cash flow
• A faster, simpler closing process

Here’s how it works: sell your current house and use the proceeds to buy your next house outright. In the latest survey from John Burns Research and Consulting (JBREC) and Keeping Current Matters (KCM), agents reported the share of all-cash buyers is climbing nationwide (see graph below):

For Baby Boomers in Tampa, this strategy offers more control and flexibility. Downsizing isn’t about downgrading — it’s about upgrading your quality of life, reducing upkeep, and staying debt-free.

Bottom Line

You’ve worked hard for your home. Now it might be time for it to work hard for you.

📲 Let’s talk about what your house is worth, and what it could unlock. Get your free home value report here or schedule a call today. What would your ideal home look like if you downsized right now?