18% of California households enjoy mortgage-free living
In California, only 18% of households can claim mortgage-free living, starkly contrasting with the national average of 26%. This situation is compounded by the state's high percentage of renters, which stands at 43%, ranking behind only Washington D. C. and New York. The article reveals that even among those who own their homes outright, the median monthly costs are $834, significantly above the national average of $629.
Interestingly, California saw a 12% increase in households living without a mortgage since 2019, but this growth is overshadowed by the rising cost of living. Many Californians choose to maintain their mortgages to manage other high living expenses, reflecting the financial strain across the state. Furthermore, 17. 8% of mortgage-free households in California spend more than 30% of their income on housing, indicating a troubling trend in housing affordability. The article underscores the challenges faced by Californians in achieving financial stability through homeownership.
Overall, it paints a picture of a state grappling with an affordability crisis in its housing market.