Equity Gain Growing in Nearly Every State

Dated: March 11 2020

Views: 33

Equity Gain Growing in Nearly Every State

Equity Gain Growing in Nearly Every State | MyKCM

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.

Blog author image

Brett Schlieker

As an Idaho agent who’s an expert in the local area, I pride myself on offering superior personal service before, during and after your transaction. Knowledge, commitment, honesty, expertise, and pr....

Latest Blog Posts

Economists Forecast Recovery to Begin in the Second Half of 2020

Economists Forecast Recovery to Begin in the Second Half of 2020With the U.S. economy on everyone’s minds right now, questions about the country’s financial outlook continue to come up

Read More

Economists Forecast Recovery to Begin in the Second Half of 2020

Economists Forecast Recovery to Begin in the Second Half of 2020With the U.S. economy on everyone’s minds right now, questions about the country’s financial outlook continue to come up

Read More

Why This Summer Is the 2020 Real Estate Season

Why This Summer Is the 2020 Real Estate SeasonWith stay-at-home orders starting to gradually lift throughout parts of the country, data indicates homebuyers are jumping back into

Read More

Buying or Selling a Home? You Need an Expert Kind of Guide

Buying or Selling a Home? You Need an Expert Kind of GuideIn a normal housing market, whether you’re buying or selling a home, you need an experienced guide to help you navigate through the

Read More