Where in California Do Investors Own the Most Houses?

Gina Piper July 25, 2025

The California real estate market is a hot topic for investors and homeowners alike. With its diverse landscapes, booming tourism, and thriving economy, it’s no surprise that investors have flocked to the Golden State. But where exactly in California do investors own the most houses? The answer may surprise you.

According to a recent report by the San Diego Union-Tribune, investors now control 1.45 million single-family homes across the state, accounting for 19% of California’s 7.6 million total houses. However, certain counties have seen far higher concentrations of investor ownership, especially in rural and recreation-heavy areas.

California’s Investor-Dominated Counties

In seven sparsely populated northern counties, investors own more than half of all single-family homes. These areas, known for their natural beauty and tourism, have become hotspots for vacation rentals and second homes. Here’s a breakdown of the top counties where investors dominate:

Sierra County: Investors own 82% of single-family homes (1,308 out of 1,588).
Trinity County: 77% investor-owned (4,243 out of 5,542).
Mono County: 74% (3,200 out of 4,305).
Alpine County: 68% (575 out of 842).
Plumas County: 64% (7,422 out of 11,651).
Modoc County: 56% (1,047 out of 1,878).
Calaveras County: 54% (10,385 out of 19,209).

These counties emphasize recreation and tourism, making them attractive for investors seeking lucrative short-term rental opportunities.

Investor Activity in California’s Most Populous Counties

While rural counties lead in investor ownership percentages, large urban and suburban counties also see significant investor activity. Here’s a look at the top 10 investor-heavy counties among California’s 20 most populous regions:

San Bernardino County tops the list, with investors owning 27% of single-family homes.
Tulare County follows at 25%, with Sonoma (23%) and Fresno (22%) close behind.
Other notable counties include Kern, Santa Barbara, and Stanislaus, each at 21%.

In these 10 counties, investors own a combined 21% of single-family homes, totaling 524,863 properties.

Urban Core vs. Rural Investments

In California’s urban core counties, such as Los Angeles, San Francisco, and San Diego, investor ownership rates are lower, averaging about 15%. These areas see greater competition due to higher property values and household incomes, which average $105,700 annually. In contrast, rural and less urban counties attract more investors, with annual household incomes averaging $84,400 to $84,700.

Who Are California’s Real Estate Investors?

Interestingly, most investors in California are "mom-and-pop" landlords, owning up to five properties. These small-scale investors account for 91% of all investment properties in the state. Larger investors, who own six to 50 properties, represent only 7%, while institutional investors with over 50 properties control a mere 2%.

Why Are Investors Drawn to Rural Counties?

Several factors make rural counties appealing for investors:

Affordability: Homes in rural areas are often far less expensive than in urban centers.
Tourism Appeal: Counties like Plumas and Mono are renowned for their recreational opportunities, driving demand for short-term rentals.
Lower Competition: With fewer buyers in rural areas, investors face less competition and can secure properties at favorable prices.

What Does This Mean for Homebuyers?

For prospective homebuyers, understanding where investors are most active can help navigate the competitive real estate market. In investor-heavy areas, buyers may face increased competition and potentially higher prices. However, in counties with lower investor presence, there may be more opportunities for owner-occupied buyers to secure homes.

California remains a prime location for real estate investors, with both rural and urban counties offering unique opportunities. Whether you're an investor seeking the next big market or a buyer looking for your dream home, knowing where investors dominate can inform your strategy. Contact Gina Piper today for more info.

For a deeper dive into California’s investor trends, check out the full article from the San Diego Union-Tribune.