THE AVERAGE HOMEOWNER GAINED $64K IN EQUITY IN THE PAST 12 MONTHS

By
Real Estate Agent with One Sothebys International Realty

The Average Homeowner Gained $64K in Equity over the Past Year | MyKCM

If you own a home, your net worth likely just got a big boost thanks to rising home equity. Equity is the current value of your home minus what you owe on the loan. And today, based on recent home price appreciation, you’re building that equity far faster than you may expect – here’s how it works.

Because there’s an ongoing imbalance between the number of homes available for sale and the number of buyers looking to make a purchase, home prices are on the rise. That means your home is worth more in today’s market because it’s in high demand. As Patrick Dodd, President and CEO of CoreLogicexplains:

“Price growth is the key ingredient for the creation of home equity wealth. . . . This has led to the largest one-year gain in average home equity wealth for owners. . . .”

Basically, because your home value has likely climbed so much, your equity has increased too. According to the latest Homeowner Equity Insights from CoreLogicthe average homeowner’s equity has grown by $64,000 over the last 12 months.

While that’s the nationwide number, if you want to know what’s happening in your area, look at the map below. It breaks down the average year-over-year equity growth for each state using the data from CoreLogic.

The Average Homeowner Gained $64K in Equity over the Past Year | MyKCM

The Opportunity Your Rising Home Equity Provides

In addition to building your overall net worth, equity can also help you achieve other goals like buying your next home. When you sell your current house, the equity you built up comes back to you in the sale. In a market where homeowners are gaining so much equity, it may be just what you need to cover a large portion – if not all – of the down payment on your next home.

So, if you’ve been holding off on selling or you’re worried about being priced out of your next home because of today’s ongoing home price appreciation, rest assured your equity can help fuel your move.

Bottom Line

If you’re planning to make a move, the equity you’ve gained can make a big impact. To find out just how much equity you have in your current home and how you can use it to fuel your next purchase, let’s connect so you can get a professional equity assessment report on your house.

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 Your blingual residential real estate guide. Certified Probate Real Estate Specialist (CPRES) and Certified Distressed Property Expert (CDPE).  Serving Pembroke Pines, Fl.  and surrounding communities.   


Dalia Kibby, PA
  Direct 954-610-7864| email me
website www.daliasellshomes.com | search for homes

 

If you are Buying, Selling or Relocating to the South FLorida area and need help from a professional REALTOR®, I would be happy to assist you! I also work with  estate Executers, Personal Representatives and Administrators .     Please visit my website for property searches, to sign up for free listing alerts and other information.   

 

Comments (5)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

DALIA KIBBY the gain in home equity in the last two and a half years has been amazing, and it is still continuing here in CT.

Jun 24, 2022 06:24 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great day.

Jun 25, 2022 03:35 AM
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Homeowners should not be tempted to refinance to pull cash out of the equity. In case market value falls, the higher refinanced value may be more than the house is worth.

Jun 25, 2022 05:13 AM
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

Very informative, especially the map and description of what equity is--some buyers/sellers  don't know that term!

Jun 26, 2022 09:40 AM
DALIA KIBBY
One Sothebys International Realty - Cooper City, FL
Selling Broward County Homes with Passion!

Thanks for reading & your comment! All the best to you in your business! 😊

Jul 08, 2022 08:46 AM