- The average homeowner gained $51,500 in equity over the past year
- There was a 29.3% increase in national homeowner equity year over year
As Home Equity Rises, So Does Your Wealth
Homeownership is still a crucial part of the American dream. For those people who own a home (and those looking to buy one), it’s clear that being a homeowner has considerable benefits both emotionally and financially. In addition to long-term stability, buying a home is one of the best ways to increase your net worth. This boost to your wealth comes in the form of equity. Equity is the difference between what you owe on the home and its market value based on factors like price appreciation. The best thing about equity is that it often grows without you even realizing it, especially in a sellers’ market like we’re in now. In today’s real estate market, the combination of low housing supply and high buyer demand is driving home values up. This is giving homeowners a significant equity boost. According to the latest data from CoreLogic, the amount of equity homeowners have has continued to grow as home values appreciate. Here are some key takeaways from the Homeowner Equity Insights Report:
Why Experts Say the Housing Market Won’t Crash [INFOGRAPHIC]
What Does the Rest of the Year Hold for Home Prices?
Is the Shifting Market a Challenge or an Opportunity for Homebuyers?
Selling Your House? Your Asking Price Matters More Now Than Ever
Why the Forbearance Program Changed the Housing Market