{"id":5998,"date":"2024-09-09T05:30:00","date_gmt":"2024-09-09T10:30:00","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/the-surprising-amount-of-home-equity-youve-gained-over-the-years\/"},"modified":"2024-09-09T05:30:00","modified_gmt":"2024-09-09T10:30:00","slug":"the-surprising-amount-of-home-equity-youve-gained-over-the-years","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/the-surprising-amount-of-home-equity-youve-gained-over-the-years\/","title":{"rendered":"The Surprising Amount of Home Equity You\u2019ve Gained over the Years"},"content":{"rendered":"

\"The<\/p>\n

There are a number of reasons<\/a> you may be thinking about selling<\/a> your house. And as you weigh your options, you may find you\u2019re unsure how you\u2019re going to deal with one thing about today\u2019s housing market<\/a> \u2013 and that\u2019s affordability<\/a>. If that\u2019s your biggest concern, understanding how much equity you have in your house could help make your decision<\/a> that much easier. Here are two key factors that have a big impact on your equity.<\/p>\n

How Long You\u2019ve Been in Your Home<\/strong><\/h4>\n

First up is homeowner tenure. That\u2019s how long homeowners live in a house, on average, before selling<\/a> or choosing to move. From 1985 to 2009, the average length of time homeowners stayed put was roughly six years. <\/p>\n

But according<\/a> to the National Association of Realtors<\/em> (NAR), that number has been climbing. Now, the average tenure is 10 years (see graph below<\/em>):<\/p>\n

\"No<\/a>Here\u2019s why that\u2019s such a big deal. You gain equity<\/a> as you pay down your home loan and as home prices climb. And when you combine all of your mortgage payments with how much prices<\/a> have gone up over the span of 10 years, that adds up. So, if you\u2019ve lived in your house for a while now, you may be sitting on a pile of equity.<\/p>\n

How Home Prices Appreciate over Time<\/strong><\/h4>\n

To help show how much the price appreciation piece adds up, take a look at this data<\/a> from the Federal Housing Finance Agency<\/em> (FHFA) (see graph below<\/em>): <\/p>\n

\"No<\/a>Here\u2019s what this means for you. While home prices<\/a> vary by area, the typical homeowner who\u2019s been in their house for five years saw it increase in value by nearly 60%. And the average homeowner who\u2019s owned their home for 30 years saw it more than triple in value in that time.<\/p>\n

Whether you\u2019re looking to downsize<\/a>, relocate to a dream destination, or move so you can live closer to friends or loved ones, your equity<\/a> can be a game changer.<\/p>\n

Bottom Line<\/h3>\n

Connect with a local real estate agent if you want to find out how much equity you\u2019ve built up over the years and how you can use it to buy your next home.<\/p>\n

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

There are a number of reasons you may be thinking about selling your house. And as you weigh your options, you may find you\u2019re unsure how you\u2019re going to deal with one thing about today\u2019s housing market \u2013 and that\u2019s affordability. If that\u2019s your biggest concern, understanding how much equity you have in your house […]<\/p>\n","protected":false},"author":1,"featured_media":5999,"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-5998","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":"\nThe Surprising Amount of Home Equity You\u2019ve Gained over the Years—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\/the-surprising-amount-of-home-equity-youve-gained-over-the-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Surprising Amount of Home Equity You\u2019ve Gained over the Years—NWI Loan Guy Blog\" \/>\n<meta property=\"og:description\" content=\"There are a number of reasons you may be thinking about selling your house. 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