The Benefits of Homeownership May Reach Further Than You ThinkMore than ever, our homes have become an integral part of our lives. Today they are much more than the houses we live in. They’re
Why Your Home Is Gaining Equity
Dated: March 10 2020
Views: 65
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 study, ATTOM 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.
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.
Jeff Mixson
Thank you for visiting my website. I am a Founding Partner and Realtor® at Accel Realty Partners. Growing up, my family owned a real estate office, so it is not a surprise that I followed in their fo....
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Last Updated: July 28, 2021 2:10 AM UTC
