CoreLogic shared homeowners with mortgages, which make up 62% of all homes, gained $425 billion in equity over the past year, an increase of 2.5%. This brought total home equity to $17.5 trillion. Equity comes from paying down loans and rising home values. On average, homeowners with a mortgage now have $311,000 in equity, with $200,000 of that being tappable (usable without dropping below 20% equity).
As equity grows, fewer homeowners owe more than their home is worth. Negative equity dropped 3% over the year, with only 990,000 homes underwater, which is 1.8% of mortgaged properties and just 1% of all homes.
In total, U.S. homeowners have $37 trillion in equity. That’s an average of $440,000 per homeowner. Here are some key U.S. homeownership stats:
● 136 million total households
● 91 million homes owned (67% ownership rate)
● 56.5 million homes with a mortgage (62%)
● 34.5 million homes owned outright (38%)
● 45 million homes rented (33%)
Source: https://bit.ly/49A5rOo
By: Jon Iacono