There\u2019s a huge cushion between what a typical California homeowner with a mortgage owes and what their property is worth.<\/p>\n
My trusty spreadsheet<\/a> reviewed a CoreLogic report for the first quarter of 2026 detailing a curious measure of housing health that compares borrowings with estimated values. That gap is what\u2019s called a homeowner\u2019s equity \u2013 the byproduct of down payments, housing appreciation and swings in loan balances.\u00a0<\/p>\n By this math, the average equity across the Golden State at the start of 2026 was a stunning $627,000 for mortgaged homes. This does not include properties that are owned free of any loans.<\/p>\n This equity is a gauge of both ownership wealth and housing security. It can be seen as a financial cushion if tough times hit \u2013 either for the borrower or the entire market.<\/p>\n Note that California\u2019s average equity was the second-highest among the states and slightly more than double the nation\u2019s $310,500 \u2014 only Hawaii was higher at $688,000. Massachusetts was No. 3 at $480,000.<\/p>\n Big bounty<\/p>\n California\u2019s lofty real estate bounty helps explain many economic quirks of the state: from the wealthy vibes in a high-cost state to why so few Californians move to how much cash it takes to join the ownership game and residents\u2019 overly protective nature about their neighborhoods. (You know, NIMBYism!)<\/p>\n Because serious money is at stake.<\/p>\n Ponder the national lows for equity: Louisiana at $115,000, Oklahoma at $124,000, and Iowa at $124,000.<\/p>\n Or think about California\u2019s economic archrivals: Texas ranked No. 35 at $200,000, while Florida ranked No. 19 at $288,000.<\/p>\n Total take<\/p>\n Then consider this pile of money as a statewide stash.<\/p>\n Take all that equity, multiply it by California\u2019s 6.6 million mortgaged properties, and you get $4.1 trillion in value above what\u2019s owed.<\/p>\n That total equity is easily the nation\u2019s top and represents 23% of the nation\u2019s $17.9 trillion in home value above mortgages owed.<\/p>\n Yes, California\u2019s almost one-quarter of the U.S. total.<\/p>\n No. 2 is Florida at $1 trillion, then comes New York at $995 billion. Texas ranked No. 4 at $935 billion.<\/p>\n Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com<\/a><\/p>\n