Those with no mortgage have stayed put the longest, with about one-third living in their homes for 30 or more years, compared to 11% of those with a mortgage, and 2% of renters. On average, high-equity homeowners with no mortgage are more educated and have higher incomes than renters, but they tend to be less educated and have lower incomes than those with a mortgage. Even though homeowners with no mortgage are more likely to live in inland metropolitan and rural areas, where homeownership rates are higher and housing prices are lower, those with the highest equity tend to live in expensive coastal metropolitan areas, especially the Bay Area and coastal Southern California.