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

Dated: June 22 2022

Views: 50

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

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.

Blog author image

Kelly Rosvold

Kelly has lived throughout the South Bay, Westside, and Los Angeles area for more than two decades, with 16 years of that residence in beautiful Hermosa Beach.  As a homebuyer and home seller, she di....

Latest Blog Posts

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

The Average Homeowner Gained $64K in Equity over the Past YearIf 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

Read More

8 Popular Home Design Features for 2022

 There’s a lot to consider when selling your home, from the market and appraisals to where you’ll go next. Don’t forget, however, that design is also a key factor. It’s

Read More

The #1 Reason to Sell Your Home Today!

The #1 Reason To Sell Your House TodayAlmost every industry is currently struggling with supply chain disruptions. This also applies to the current U.S. housing market, where buyer demand far

Read More

4 Simple Graphs Showing Why This Is Not a Housing Bubble!

4 Simple Graphs Showing Why This Is Not a Housing BubbleA recent survey revealed that many consumers believe there’s a housing bubble beginning to form. That feeling is,

Read More