Skip To Content
    • Home
    • Buyers
    • Equity Gain Growing in Nearly Every State

    Equity Gain Growing in Nearly Every State

    Rising home prices have been in the news a lot lately, and much of the focus is on whether they’re accelerating too quickly and how sustainable the growth in prices really is. One of the often-overlooked benefits of rising prices, however, is the impact they have on a homeowner’s equity position.

    Home equity is defined as the difference between a home’s fair market value and the outstanding balance of all liens on the property. While homeowners pay down their mortgages, the amount of equity they have in their homes climbs each time the value increases.

    Today, the number of homeowners that currently have significant equity in their homes is growing. According to the Census Bureau, 38% of all homes in the country are mortgage-free.  In a home equity studyATTOM Data Solutions revealed that of the 54.5 million homes with a mortgage, 26.7% of them have at least 50% equity. That number has been increasing over the last eight years.

    CoreLogic also notes:

    “…the average homeowner gained approximately $5,300 in equity during the past year.”

    The map below shows a breakdown of the increasing equity gain across the country, painting a clear picture that home equity is growing in nearly every state.Equity Gain Growing in Nearly Every State | MyKCM

    Bottom Line

    This may be the year to take advantage of your home equity by applying it forward, either as you downsize or as you move up to a new home.

    Trackback from your site.

    Danny Cheung

    I spent almost thirty (30) years with the Department of Defense in hardware/software design, development, operations, maintenance, and program manager before joining the Group in a full-time capacity. I am thrilled to put my years of experience as an Electronics Engineer and Program Manager to assist and lead our Real Estate Group to the next level. I am committed to establishing the tools and resources necessary for our team members to work more seamlessly and effectively, thus ensuring our clients' satisfaction. My wife and I have two daughters and a dog (he’s more like our son). I enjoy traveling and watching sports, especially football…Go Skins!

    Leave a Reply