CoreLogic released their Home Equity report, and it showed that people who own homes with mortgages, which is 62% of all homes, gained $1.3 trillion in equity, or 8%, from Q2 of 2023 to Q2 of 2024. This brings the total home equity to over $17.6 trillion. Maine, California and New Jersey saw the largest average equity gains nationally. Homeowners gain equity when they pay down their loan and as their home’s value increases.
On average, homeowners with a mortgage have about $315,000 in equity, and they can borrow against it in the amount of about $200,000. It is also important to note that only 960,000 homes have negative equity, which is 1.7% of homes with mortgages or 1% of all owned homes.
Some facts about homeownership in the U.S.:
●136 million total households
●91 million homes are owned (67% homeownership rate)
●56.5 million homes have a mortgage (62%)
●34.5 million homes are owned free and clear (38%)
●45 million homes are rented (33%)
Sources:
By: Jon Iacono