{"id":5903,"date":"2024-07-03T05:30:00","date_gmt":"2024-07-03T10:30:00","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/homeowners-gained-28k-in-equity-over-the-past-year\/"},"modified":"2024-07-03T05:30:00","modified_gmt":"2024-07-03T10:30:00","slug":"homeowners-gained-28k-in-equity-over-the-past-year","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/homeowners-gained-28k-in-equity-over-the-past-year\/","title":{"rendered":"Homeowners Gained $28K in Equity over the Past Year"},"content":{"rendered":"

\"Homeowners<\/p>\n

If you own a home, your net worth has probably gone up a lot over the past year. Home prices<\/a> have been rising, which means you’re building equity much faster than you might think. Here\u2019s how it works.<\/p>\n

Equity is the current value of your home minus what you owe on the loan.<\/strong><\/p>\n

Over the past year, there have still been more people wanting to buy than there are homes available for sale, and that\u2019s pushed prices up. That rise in prices has translated directly into increasing equity for homeowners.<\/p>\n

How Much Equity Have You Earned over the Past 12 Months?<\/strong><\/h4>\n

According to the latest Homeowner Equity Insights<\/em><\/a> from CoreLogic<\/em>, the average homeowner’s equity has grown by $28,000 in the last year alone<\/strong>.<\/p>\n

That’s the national average, so if you want to see what’s happening in your state, check out the map below. It uses data<\/a> from CoreLogic<\/em> to show how much equity has grown in each state over the past year. You\u2019ll notice every single state with sufficient data saw annual equity gains:\"No<\/a><\/p>\n

<\/p>\n

What If You Bought Your House Before the Pandemic?<\/strong><\/h4>\n

If you bought your house before the pandemic, the equity news is even better. According to data<\/a> from Realtor.com<\/em>, home prices shot up by 37.5% from May 2019 to May 2024, meaning your home’s value has likely increased significantly. Ralph McLaughlin, Senior Economist at Realtor.com<\/em>, says<\/a>:<\/p>\n

\u201cHomeowners have seen extraordinary gains in home equity over the past five years.\u201d<\/em><\/p><\/blockquote>\n

To give context to how much equity can stack up over time, Selma Hepp, Chief Economist at CoreLogic<\/em>, explains<\/a> the total equity the typical homeowner has today:<\/p>\n

\u201cWith home prices continuing to reach new highs, owners are also seeing their equity approach the historic peaks of 2023, <\/em>close to a total of $305,000 per owner<\/em><\/strong>.\u201d<\/em><\/p><\/blockquote>\n

How Your Rising Home Equity Can Help You<\/strong><\/h4>\n

With how prices skyrocketed a few years ago, and the ongoing price growth today, homeowners clearly have substantial equity built up \u2013 and that has some serious benefits.<\/p>\n

You could use it to start a business, fund an education, or even to help you afford your next home. When you sell<\/a>, the equity you\u2019ve built up comes back to you, and may be enough to cover a big part \u2013 or even all \u2013 of your next home\u2019s down payment.<\/p>\n

Bottom Line<\/h3>\n

If you’re planning to move<\/a>, the equity you’ve gained can really help. Curious about how much you have and how you can use it to help pay for your next home? Connect with a local real estate agent<\/a>.<\/p>\n

Source: New feed<\/p>\n","protected":false},"excerpt":{"rendered":"

If you own a home, your net worth has probably gone up a lot over the past year. Home prices have been rising, which means you’re building equity much faster than you might think. Here\u2019s how it works. Equity is the current value of your home minus what you owe on the loan. Over the […]<\/p>\n","protected":false},"author":1,"featured_media":5904,"comment_status":"false","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10157519356927224_105287467588662":"","twitter_15771620_15771620":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[54],"class_list":{"0":"post-5903","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-info","8":"tag-100-financing","9":"entry"},"yoast_head":"\nHomeowners Gained $28K in Equity over the Past Year—NWI Loan Guy Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nwiloanguy.com\/blog\/homeowners-gained-28k-in-equity-over-the-past-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homeowners Gained $28K in Equity over the Past Year—NWI Loan Guy Blog\" \/>\n<meta property=\"og:description\" content=\"If you own a home, your net worth has probably gone up a lot over the past year. 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