California's small share of mortgage-free homes is growing
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California has one the lowest shares of mortgage-free homes, but that number is growing, according to the latest census data.
The big picture: The national share of homes without a mortgage is reaching new highs as many outright homeowners are Baby Boomers who refinanced when mortgage rates were lower.
- Living mortgage-free doesn't mean living expense-free, but it's often reason enough for empty nesters to hold onto their big homes.
Between the lines: More people have also bought homes with cash since interest rates started rising, Redfin research shows.
By the numbers: In California, the share of mortgage-free homes climbed from 27.3% to 32.9% in the past decade, per the U.S. Census Bureau's American Community Survey one-year estimates.
- Nationally, it rose from 35.7% to 39.8%.
- States including West Virginia and Mississippi have higher shares, while California and Washington have lower shares.
Zoom in: San Diego County's share of mortgage-free housing units was 31.1% in 2023, up from 26% in 2013.
- In San Francisco County, 36.5% of homes were mortgage-free, compared to 32.2% in 2013.
- In Los Angeles County, the share was 31.4% last year, up from 25.7% a decade ago.
- Most of those homeowners in each county are 65 and older.
What's next: People who took out a pricey mortgage in recent years are paying close attention to current rates.
- A mini refinance boom shows they're ready to shrink their monthly payments.

