In California, only 18% of households are without a mortgage compared to 26% nationally, highlighting the state's unaffordable housing market. This has made paying off a mortgage a rarity, indicating that a significant number of Californians are burdened by housing costs.
The data reveals that 43% of California's households are renters, the third-highest in the nation, demonstrating the heavy reliance on rental housing amid unaffordable home prices.
Though growing, the number of mortgage-free households in California still represents a small fraction of its total households, with 12% growth from pre-pandemic levels, signifying deeper issues in housing affordability.
Homeowners without a mortgage still face substantial housing expenses, including insurance and taxes, which averages to a median cost of $834, illustrating that a mortgage-free status does not equate to affordable living.
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