Approximately 55.9% of residents in California were homeowners in 2020, a slight increase from the 54.8% recorded the previous year. Various factors affect the rate of homeownership in the state. The median home value in California is $550,800. Meanwhile, the average outstanding mortgage amount in the state is $363,891. That means the difference between the average mortgage balance and the cost of a home in California is $186,909.
California also has the second most expensive average monthly mortgage payment in the nation at $1,696. With the average household earning $8,458 per month, California homeowners typically spend 20% of their income on housing.
These are average costs and rates. Your actual mortgage payment will be based on factors specific to you, such as your down payment, loan terms, interest rate, home price and other expenses, like taxes, insurance and homeowners association fees. The MoneyGeek California mortgage calculator can give you a personalized estimate.