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July 10, 2024

Homeowners Gained $28K in Equity over the Past Year

Homeowners please give yourselves a round of applause because your net worth likely increased over the past year! As home prices climb higher and higher, homeowners are building equity much faster than they may have predicted. 

REMINDER: Equity = (Current Value of Home) – (What you owe on the loan) 

Why have home prices increased so much over the past year? Supply is lower than demand, which pushes prices up with any product or service. 

How Much Equity Have You Earned over the Past 12 Months?

According to the latest Homeowner Equity Insights from CoreLogic, the average homeowner’s equity has grown by $28,000 in the last year alone. $28,000 being the national average, and below you can see a map of what the average range of equity gained is per state. Minnesota is in the range of $0-15k and Florida in the $15-30k. 

What If You Bought Your House Before the Pandemic?

You are likely in a great position if this is the case. According to data from Realtor.com, home prices shot up by 37.5% from May 2019 to May 2024. Homeowners have had extraordinary gains in the past 5 years. 

How Your Rising Home Equity Can Help You

Seems simple right? More equity means more money, and more money allows for more opportunity. Some examples of these opportunities would be to start a business, fund an education, or even afford your next home. 

Bottom Line

Equity can help you in many more ways than buying your next home. This is a perfect reminder of how home ownership is much better than renting, especially today. With home prices on the rise, if you’re debating on becoming a homeowner, or moving into your next home, don’t hesitate to do so. Call Jim Slater today at 612-590-1802 if you’re interested in learning more about the equity of your home and how it can help you towards your next journey.

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Homeowners Gained $28K in Equity over the Past Year

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