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: 48
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....
Latest Blog Posts
6 Reasons Why Selling Your House on Your Own Is a MistakeThere are many benefits to working with a real estate professional when selling your house. During challenging times like the one
Housing Market Positioned to Bring Back the EconomyAll eyes are on the American economy. As it goes, so does the world economy. With states beginning to reopen, the question becomes: which
#1 Financial Benefit of Homeownership: Family WealthWhile growing up, we were taught by our parents and grandparents that owning a home is a financially savvy move. They explained how a mortgage is
Information provided by Intermountain MLS (IMLS) is deemed reliable but not guaranteed.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Intermountain MLS system. Real estate listings held by brokerage firms other than Advanced Idaho Propery Search are marked with the IDX icon.
IDX information is provided exclusively for consumer's personal, non-commercial use, that it may not be used for any purpose other than to identify
The data relating to real estate for sale on this web site comes in part from the IDX Program of the Snake River Regional Multiple Listing Service © 2020.
Information provided is deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
This content
Greater Pocatello Association of REALTORS® - All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Multiple Listing Service. Real estate listings held by brokerage firms other than Advanced Idaho Propery Search may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. Copyright ©2020 All rights reserved.
Last Updated: December 5, 2020 9:18 PM UTC
