The Average Homeowner Gained More Than $55K in Equity over the Past Year

<article class="post-227415 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-227415"><span class="entry-date">March 21, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">The Average Homeowner Gained More Than $55K in Equity over the Past Year</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=The+Average+Homeowner+Gained+More+Than+%2455K+in+Equity+over+the+Past+Year&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fthe-average-homeowner-gained-more-than-55k-in-equity-over-the-past-year%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="The Average Homeowner Gained More Than $55K in Equity over the Past Year | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/03/17104811/20220321-KCM-Share-1-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/03/17104811/20220321-KCM-Share-1-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/03/17104811/20220321-KCM-Share-1.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>If you’re a current homeowner, you should know your net worth just got a big boost. It comes in the form of rising home equity. <strong>Equity is the current value of your home minus what you owe on the loan.</strong> Today, you’re building that equity far faster than you may expect – and this gain is great news for you.<span id="more-46191"></span></p>
<p>Here’s how it happened. <a href="https://www.simplifyingthemarket.com/2022/02/10/want-top-dollar-for-your-house-nows-the-time-to-list-it/?a=712984-fa409495d5d70154d03a25e81e9540e2">Home values</a> are on the rise thanks to <a href="https://www.simplifyingthemarket.com/2022/02/24/the-1-reason-to-sell-your-house-today/?a=712984-fa409495d5d70154d03a25e81e9540e2">low housing supply</a> and <a href="https://www.simplifyingthemarket.com/2022/02/23/how-supply-and-demand-can-impact-your-buying-and-selling-goals/?a=712984-fa409495d5d70154d03a25e81e9540e2">high buyer demand</a>. Basically, there aren’t enough homes available to meet this <a href="https://www.simplifyingthemarket.com/2022/02/18/whats-driving-todays-high-buyer-demand-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">high buyer interest</a>,  so bidding wars are driving <a href="https://www.simplifyingthemarket.com/2022/03/03/are-home-prices-continuing-to-rise/?a=712984-fa409495d5d70154d03a25e81e9540e2">home prices</a> up. When you own a home, the rising prices mean your home is worth more in today’s market. And as home values climb, your equity does too. As Dr. Frank Nothaft, Chief Economist at <em>CoreLogic</em>, <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/">explains</a>:</p>
<blockquote>
<p><em>“Home prices rose 18% during 2021 in the CoreLogic Home Price Index, the largest annual gain recorded in its 45-year history, generating a big increase in home equity wealth.”</em></p>
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<p>The latest <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/"><em>Homeowner Equity Insights</em></a> from <em>CoreLogic</em> shed light on just how much rising home values have boosted homeowner equity. According to that report, <strong>the average homeowner’s equity has grown by $55,300 over the last 12 months.</strong></p>
<p>Want to know what’s happening in your area? Here’s a breakdown of the average year-over-year equity growth for each state based on that data.</p>
<p><a href="https://files.simplifyingthemarket.com/wp-content/uploads/2022/03/17104812/20220321-MEM-Eng-1.png"><img alt="The Average Homeowner Gained More Than $55K in Equity over the Past Year | Simplifying The Market" class="aligncenter wp-image-46193" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/03/17104812/20220321-MEM-Eng-1.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/03/17104812/20220321-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/03/17104812/20220321-MEM-Eng-1-400×300.png 400w" width="650"/></a></p>
<h4><strong>How Rising Equity Impacts You<br/></strong></h4>
<p>In addition to building your overall net worth, equity can also help you achieve other goals like buying your next home. It works like this: when you sell your house, the equity you built up comes back to you in the sale.</p>
<p>In a market where you’re gaining so much equity, it may be just what you need to cover a large portion – if not all – of the <a href="https://www.simplifyingthemarket.com/2022/01/03/how-much-do-you-need-for-your-down-payment/?a=712984-fa409495d5d70154d03a25e81e9540e2">down payment</a> on your next home. So, if you’ve been holding off on <a href="https://www.simplifyingthemarket.com/2022/01/27/why-right-now-is-a-once-in-a-lifetime-opportunity-for-sellers/?a=712984-fa409495d5d70154d03a25e81e9540e2">selling</a> and worried about being priced out of your next home because of today’s home price appreciation, rest assured your equity can help fuel your move.</p>
<h3><strong>Bottom Line</strong></h3>
<p>Equity can be a real game-changer if you’re planning to make a move. To find out just how much equity you have in your home and how you can use it to fuel your next purchase, let’s connect so you can get a professional equity assessment report on your house.</p>
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