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Young, Rich, and Homeowning in LA

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According to a new study from Zillow, a whopping 43 percent of young homeowners in the LA metro area (aged 20 to 24) do not have mortgages. "The Los Angeles area ranks tenth among metro areas with young homeowners who can buy outright, says Zillow spokeswoman Alison Paoli. New York takes the top spot with 84 percent of 20-to-24-year olds who can buy free and clear, followed by Detroit and Boston at around 54 percent, Paoli said." [KPCC]