With higher home prices, homeowners keep getting richer. Homeowners with a mortgage have seen the equity in their home rise by 12.3 percent year-over-year, according to CoreLogic’s newly released Home Equity Report for the second quarter. The average homeowner has gained $16,200 in home equity between the second quarter of 2017 and the second quarter of 2018.
Home equity rose in nearly every state in the country in the second quarter. Western states saw the highest upticks. Some of the most notable included California homeowners who gained an average of $48,800 in home equity, as well as Washington homeowners who gained an average increase of about $41,100 in home equity in the past year.
“Homeowner properties continued to increase in value this quarter,” says Frank Nothaft, chief economist for CoreLogic. “When aggregated across all homeowners that total almost $1 trillion in gains in home equity wealth. This wealth gain will support additional consumer spending and home improvement expenditures in coming years.”
