Data: U.S. Census Bureau; Note: Data unavailable in 2020; Chart: Axios Visuals
About 31% of San Diego homes were owned outright in 2022, up from 27.8% in 2017, according to the latest census data.
That's compared to nearly 40% nationally, the highest share since 2005, Axios' Sami Sparber reports.
Why it matters: This means some people aren't worrying about high mortgage rates.
Zoom in: Many free-and-clear homeowners are baby boomers who refinanced their mortgages when rates were lower, Bloomberg reports.
Between the lines: There can be a psychological perk to paying off a loan early, but according to some personal finance experts, it could be smarter to invest that money instead.
"If people derive some intrinsic happiness out of paying off their mortgage because it reduces their stress, then that has value," Michael Roberts, a Wharton School finance professor, tells Bloomberg.