Homeowners Gain $20,000 in Equity on Average, But Some States See Losses: New Data

Follow Bollyinside on Google News

Must Read

― Advertisement ―

Homeowners in the U.S. saw their equity rise by an average of $20,000, or 6.8%, through the end of the third quarter compared with a year earlier, despite some areas experiencing losses.

  • Despite high mortgage rates, average home prices have increased by 9% this year, boosting homeowners’ equity.
  • Home equity is crucial for building wealth and can provide a buffer for financial emergencies and major expenses.
  • Property owners in Texas, however, on average lost about $9,000 in home equity compared with a year ago.
  • The U.S. states where homeowners gained — and lost — equity — in 2023

    As detailed in a new analysis from real estate data firm CoreLogic, despite the challenges in the housing market, homeowners in most states saw their equity grow, while some, like Texas, experienced losses.

    Impact of Home Equity Growth

    Home equity growth is driven by rising home prices, providing homeowners with a sense of wealth and a source of assets to draw on for various expenses.

    Regional Disparities in Home Equity

    While the In consideration of all these factors trend shows an increase in home equity, some states, such as Texas, have seen a decrease in homeowners’ equity, highlighting regional disparities in the housing market.

    Source Credit

    Read More

    Latest Today