These days, more Americans than ever before own their homes free and clear. New data from Zillow reveals that nearly 40% of us no longer have a mortgage.

Baby Boomers have made some serious headway on mortgage debt—41% of their homes are paid for. No real surprise there, right? Baby Boomers comprise more than a third of all homeowners and by now, they’ve had many years to build their wealth.

Sixty-eight percent of adults over age 70 are mortgage-free, compared to only 16% of Millennials. For younger homeowners, there are actually some cons to paying off a mortgage early, but that’s a story for another day. Suffice to say it’s important to look at the big picture before deciding how to prioritize your finances.

Zillow economist Jeff Tucker says there are almost twice as many Baby Boomer homeowners as there are Millennial homeowners. Student loan debt is a pressing issue for Millennials struggling for a foothold. “It’s not just the cost of the house that makes it hard to qualify for a mortgage,” said Tucker. “It’s also higher rates of student debt and tighter credit standards.”

The rate of homeownership is 68% in the Midwest, 66% in the South, 61% in the Northeast and 59% in the West. It’s highest for the 65-plus age group and lowest for those under age 35. States with lower home prices have more homes that are paid for. West Virginia ranks at the top with 54% of its homes being mortgage-free, followed by Mississippi at 51% and Louisiana at 48%.

“The states with the lowest rates of paid-off homes are places with fewer affordable homes, more younger households or both,” says Tucker.

Christy Rosen Clement is a Pricing Strategy Advisor®, Seller Representative Specialist®, Military Relocation Professional® and REALTOR® at Palermo Real Estate Professionals in South Tampa