Homeowners in this state have gained $25K in equity this year

Aly J. Yale
The Mortgage Reports contributor

Homeowners gain major equity

American homeowners gained more than $5,000 in home equity last quarter. In states like Idaho, Wyoming, and Utah it was four times that or more.

Verify your new rate (Sep 20th, 2021)

Home equity gains by state

According to new data from property data firm CoreLogic, the average homeowner gained $5,300 in home equity during the third quarter of the year. That’s a 5.1 percent uptick over the year and a total of $457 billion in gained equity since Q3 2018.

Homeowners in Idaho saw their equity grow the most, with a whopping $25,800 uptick in the last year. Wyoming and Utah homeowners were at No. 2 and 3, with jumps of $24,000 and $21,000, respectively.

North Dakota was the only state where homeowners actually lost home equity in Q3, notching a loss of about $913 over the year.

The cost of homeownership vs. renting over 3, 5, and 10 years

Negative equity mortgages see decline

In other good news, the number of homeowners in negative equity — meaning they owe more on their homes than they’re worth — hit its lowest point since 2009. 

As Frank Nothaft, chief economist for CoreLogic, explains, “Ten years ago, during the depths of the Great Recession, more than 11 million homeowners had negative equity or 25 percent of mortgaged homes,” Nothaft said. “After more than eight years of rising home prices and employment growth, underwater owners have been slashed to just 2 million, or less than 4 percent of mortgaged homes.”

It’s a bad time to be a renter — here’s how much rents jumped in the last year

Miami claims the most negative equity mortgages in the nation. More than 9 percent of homeowners have underwater mortgages. Chicago comes in second with a 7.8 percent share of mortgages in negative equity.

Verify your new rate (Sep 20th, 2021)

Get today’s mortgage rates

Are you interested in building equity and becoming a homeowner? Then shop around and see what mortgage rates you qualify for today.

Verify your new rate (Sep 20th, 2021)