One-third of California homeowners have no mortgage – Orange County Register
Looking at various rankings and scorecards, “according to research,” we note that these performances are most often seen as a combination of clever interpretations and data.
Buzz: There are 2.4 million homes in California, living a life that many consider a dream. A free and definite homeowner, he is the third largest household in the state.
sauce: Trusted Spreadsheet Reviews Census data tracking homeowners – Divide households into households with and without mortgages in 50 states and the District of Columbia in 2021.
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Where in 2021 did most owners have no mortgage at all?
Texas has 2.9 million and Florida has 2.5 million. California is followed by New York with 1.7 million and Pennsylvania with 1.5 million.
However, only 33% of all homeowners in California are homeless. Only four locations account for smaller percentages: 24% in DC, 28% in Maryland, and 30% in Colorado and Utah.
West Virginia has the most at 53%, followed by Mississippi at 51%, North Dakota and New Mexico at 47%, and Louisiana at 46%. By comparison, Texas and Florida both had 43%.
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Think about the relatively modest cost of ownership of a free and lucid life.
The Census tracks the costs that owners owe to shelters, including property taxes, insurance, regular operating and maintenance costs for the residence, and mortgage payments.
In California, that spending translated to $694, the median monthly housing cost for homeless households in 2021. This isn’t all that surprising considering he has the highest cost of living in California, which is the ninth highest in the state.
The most expensive states for free and distinct owners were New Jersey at $1,081, followed by Connecticut at $926, Massachusetts at $871, New Hampshire at $860, and New York at $813. These are states known for their huge property tax bills.
Where is the lowest cost for an unencumbered owner? West Virginia was $338, Mississippi was $356, Arkansas and Louisiana were $372, and Alabama was $379. By the way, Texas ranked 18th with $567 and Florida ranked 21st with $548.
Compare these monthly costs to the extra expense of an owner with a mortgage.
In California, the average cost in 2021 was $2,523 per month. It ranks third behind DC at $2,639 and Hawaii at $2,584. These are some of the most expensive places to buy a home in the country and typically require a large mortgage to purchase. Next to California in this cost ranking were New Jersey at her $2,458 and Massachusetts at her $2,323.
The lowest costs were West Virginia at $1,071, followed by Arkansas at $1,147, Indiana at $1,195, Mississippi at $1,200, and Alabama at $1,223. Rival Texas was 16th with $1,765 and Florida was 22nd with $1,616.
Consider the savings of owners without a mortgage in percentage terms.
In California, the 2021 free and clear cost will be 72% less than what a household with a mortgage will pay, ranking third among the states of Louisiana and Nevada. Only Hawaii (77%) and Virginia (73%) showed greater savings.
The lowest savings were Connecticut, New Jersey and Vermont at 56%, New Hampshire at 57% and Rhode Island at 61%. Texas was 24th with 68% and Florida was 31st with 66%.
Conclusion
Although the cost of ownership is lower for those without mortgages, meeting housing costs can still be a struggle.
Some longtime owners who have paid off their mortgage may be financially strained by other housing costs that squeeze their cash flow. doing. This is a potential nest egg that can be exploited in the event of a financial crisis.
In California, 17% of free and clear owners will spend 30% or more of their income on shelters in 2021, so housing costs were considered “burdensome.” This was the eighth highest level in the nation.
New Jersey tops the list, with 23% of homeowners without a mortgage having a “burden,” followed by Connecticut and New York at 20%, Massachusetts at 19%, New Hampshire and Rhode Island. , Vermont at 18%. Texas was 13th with 14% and Florida was 8th with 17%.
Minimum? Utah has 9%, followed by Indiana, Tennessee and Virginia with 10%.
Jonathan Lansner is a business columnist for the Southern California News Group.he can be reached at jlansner@scng.com
https://www.ocregister.com/2023/01/02/one-third-of-california-homeowners-have-no-mortgage/ One-third of California homeowners have no mortgage – Orange County Register
