Fewer than one in five California households have paid off their homes, the lowest share in the U.S., despite a growing number of mortgage-free homeowners.
In California, 38 percent of households have mortgages, ranking just below the national average, while the rise in mortgage-free homes indicates a changing financial landscape.
California saw a 12 percent increase in households without a mortgage since 2019, with a total of 2.5 million mortgage-free households, reflecting shifts in housing ownership.
Despite being mortgage-free, California homeowners face high associated costs, spending a median of $834 monthly on housing-related expenses, significantly higher than the national median.
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