Of the 40 states and the District of Columbia where we are licensed, Mississippi has the largest share of owned homes with no mortgage: about 50.6 of every 100. New Mexico, at about 48.5, and Louisiana, at about 47.8, come next. The District of Columbia has the smallest share, about 24.3, followed by Maryland at about 29.0 and Colorado at about 30.6. The national figure is about 39.4.
I put this table together for homeowners thinking about the equity in a home they own outright, which can be borrowed against through a home equity line of credit or a new first mortgage.
The table: 40 states and the District of Columbia
“Per 100” means out of every 100 homes lived in by their owners. The margin of error is the Census Bureau’s, at 90 in 100 confidence. The typical value is the Census median for the homes with no mortgage.
| State | Owned homes with no mortgage, per 100 | Margin of error, per 100 | Homes with no mortgage | Typical value of those homes (dollars) |
|---|---|---|---|---|
| Mississippi | 50.6 | 0.5 | 405,905 | 122,900 |
| New Mexico | 48.5 | 0.5 | 283,917 | 204,700 |
| Louisiana | 47.8 | 0.4 | 581,604 | 171,600 |
| Arkansas | 47.2 | 0.4 | 377,721 | 155,700 |
| Oklahoma | 46.3 | 0.3 | 476,266 | 165,700 |
| Alabama | 45.9 | 0.3 | 643,692 | 164,700 |
| Montana | 45.5 | 0.6 | 144,274 | 329,600 |
| Texas | 44.0 | 0.2 | 3,024,746 | 226,000 |
| Kentucky | 43.9 | 0.3 | 543,763 | 165,100 |
| Florida | 43.7 | 0.2 | 2,587,361 | 321,000 |
| South Carolina | 42.9 | 0.3 | 652,757 | 204,400 |
| Kansas | 42.6 | 0.5 | 335,670 | 173,400 |
| Michigan | 42.2 | 0.2 | 1,259,325 | 200,000 |
| Tennessee | 42.1 | 0.3 | 796,487 | 240,500 |
| Pennsylvania | 42.0 | 0.1 | 1,536,735 | 223,800 |
| Iowa | 40.6 | 0.2 | 383,278 | 185,200 |
| Alaska | 39.9 | 0.7 | 72,175 | 301,700 |
| Ohio | 39.4 | 0.2 | 1,286,340 | 186,000 |
| Illinois | 39.2 | 0.2 | 1,324,567 | 230,500 |
| Wisconsin | 38.9 | 0.2 | 653,748 | 245,900 |
| North Carolina | 38.7 | 0.2 | 1,104,703 | 228,600 |
| Arizona | 38.2 | 0.2 | 735,632 | 336,200 |
| New Hampshire | 37.8 | 0.6 | 153,076 | 369,600 |
| Idaho | 37.8 | 0.5 | 194,603 | 391,800 |
| Hawaii | 37.3 | 0.5 | 115,806 | 815,800 |
| Georgia | 36.6 | 0.2 | 979,950 | 243,100 |
| Indiana | 36.4 | 0.2 | 696,726 | 190,600 |
| Delaware | 36.2 | 0.8 | 106,110 | 338,100 |
| New Jersey | 36.1 | 0.2 | 808,288 | 428,500 |
| Minnesota | 36.0 | 0.2 | 600,284 | 303,500 |
| Oregon | 35.5 | 0.3 | 385,829 | 440,800 |
| Connecticut | 35.4 | 0.3 | 336,895 | 355,100 |
| Nevada | 34.2 | 0.4 | 246,317 | 410,600 |
| Washington | 33.9 | 0.3 | 662,433 | 499,700 |
| Massachusetts | 33.6 | 0.3 | 584,397 | 536,400 |
| Virginia | 33.1 | 0.2 | 751,054 | 321,000 |
| California | 32.6 | 0.1 | 2,469,964 | 677,000 |
| Utah | 31.2 | 0.4 | 246,162 | 472,100 |
| Colorado | 30.6 | 0.3 | 481,056 | 496,300 |
| Maryland | 29.0 | 0.2 | 462,922 | 385,700 |
| District of Columbia | 24.3 | 0.8 | 32,753 | 739,500 |
| United States, national figure | 39.4 | 0.0 | 33,142,503 | 272,700 |
Source: U.S. Census Bureau, American Community Survey 5-year estimates, 2020-2024, tables B25081 and B25097, read from data.census.gov on November 5, 2026. Shares and margins worked out by Fidelity Residential.
How the figures were worked out
- Per 100: owner-lived homes reporting no mortgage, home equity loan or similar debt, divided by all owner-lived homes, times 100. Every figure matches the share the Census Bureau publishes in its housing profile table, DP04.
- Margins of error: from the Census Bureau’s own margins and its formula for proportions, so they are approximations.
What it can and cannot tell you
- Five-year averages. These estimates pool 2020 to 2024, not today.
- Self-reported. Each household reports its own home and debt.
- Small places are less certain. In the District of Columbia, Delaware, Alaska and Montana the margin is about 0.6 to 0.8 in 100.
What the table shows
- The South runs high. Eight of the ten largest shares are in the Census Bureau’s South region: Mississippi, Louisiana, Arkansas, Oklahoma, Alabama, Texas, Kentucky and Florida. New Mexico and Montana are the other two.
- Higher-value places run lower. The District of Columbia, Maryland, Colorado, Utah and California have the smallest shares; several have some of the highest typical values.
- Above and below the nation. Sixteen of the 41 are above the national figure of about 39.4 by more than their margins of error, and 22 are below it. Alaska, Ohio and Illinois are within their margins of it.
- Three states hold about a quarter of the nation’s homes with no mortgage: Texas (about 3.02 million), Florida (about 2.59 million) and California (about 2.47 million), of about 33.1 million in the country.
- New Jersey is near the middle at about 36.1 in 100, with a typical value of about 428,500 dollars for those homes, well above the national 272,700.
What it means for a homeowner
A home equity line can be a first lien on a home you own outright: you draw what you need, when you need it, up to a limit set from the equity in the home. A cash-out refinance can also place a new first mortgage on a home you own outright and pay you the cash at closing.
If your home already has a mortgage you want to keep, a home equity line can sit behind it, or a fixed-rate second mortgage can pay one lump sum while your first mortgage stays exactly as it is. Our home equity calculator shows what you may be eligible for, and New Jersey homeowners can read our page on HELOCs and home equity loans in New Jersey.
Frequently asked questions
Why does the table show 40 states and the District of Columbia?
Fidelity Residential is licensed in 40 states and the District of Columbia, and the table covers those. The national figure covers the whole country.
Can I get a HELOC on a home I own outright?
At some programs, yes: a home equity line can be a first lien on a home you own outright. The line is set from the equity in your home, and the programs still look at your credit, your income and the home’s value.
Is a cash-out refinance or a HELOC a better fit for a home with no mortgage?
It depends on how you want the money. A cash-out refinance pays one sum at closing on a new first mortgage; a home equity line lets you draw as you go. Our page on HELOC or cash-out refinance compares them side by side.
Sources
- U.S. Census Bureau, American Community Survey 5-year estimates, 2020-2024, table B25081, Mortgage Status, states (opens in a new tab), accessed November 5, 2026.
- U.S. Census Bureau, American Community Survey 5-year estimates, 2020-2024, table B25097, Mortgage Status by Median Value, states (opens in a new tab), accessed November 5, 2026.
- U.S. Census Bureau, American Community Survey 5-year estimates, 2020-2024, table DP04, Selected Housing Characteristics, states (share without a mortgage, used as a check) (opens in a new tab), accessed November 5, 2026.
- U.S. Census Bureau, American Community Survey 5-year estimates, 2020-2024, tables B25081 and B25097, United States (opens in a new tab), accessed November 5, 2026.
- U.S. Census Bureau, Understanding and Using American Community Survey Data: What All Data Users Need to Know (chapter on margins of error for derived estimates) (opens in a new tab), accessed November 5, 2026.
Facts from these sources are stated in our own words. Last reviewed .
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