As Home Equity Rises, So Does Your Wealth

<article class="post-45026 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-45026"><span class="entry-date">October 2, 2021</span><div class="entry-header center-block text-center"><h1 class="entry-title">As Home Equity Rises, So Does Your Wealth</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=As+Home+Equity+Rises%2C+So+Does+Your+Wealth&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fas-home-equity-rises-so-does-your-wealth%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="As Home Equity Rises, So Does Your Wealth | 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/2021/09/29110118/20210930-KCM-Share-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/09/29110118/20210930-KCM-Share-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/09/29110118/20210930-KCM-Share.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>Homeownership is still a crucial part of the American dream. For those people who <a href="https://www.simplifyingthemarket.com/2021/06/18/owning-a-home-has-distinct-financial-benefits-over-renting-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">own a home</a> (and those looking to buy one), it’s clear that being a homeowner has considerable benefits both <a href="https://www.simplifyingthemarket.com/2021/05/03/americans-find-the-nonfinancial-benefits-of-homeownership-most-valuable/?a=712984-fa409495d5d70154d03a25e81e9540e2">emotionally</a> and <a href="https://www.simplifyingthemarket.com/2021/04/08/homeownership-is-full-of-financial-benefits/?a=712984-fa409495d5d70154d03a25e81e9540e2">financially</a>. In addition to long-term stability, buying a home is one of the best ways to increase your net worth. This boost to your <a href="https://www.simplifyingthemarket.com/2021/06/17/housing-wealth-the-missing-piece-of-the-affordability-equation/?a=712984-fa409495d5d70154d03a25e81e9540e2">wealth</a> comes in the form of equity.<span id="more-45233"></span></p>
<p><a href="https://www.simplifyingthemarket.com/2021/07/23/pop-quiz-can-you-define-these-key-terms-in-todays-housing-market-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2"><strong>Equity</strong></a><strong> is the difference between what you owe on the home and its market value based on factors like price appreciation. </strong></p>
<p>The best thing about equity is that it often grows without you even realizing it, especially in a <a href="https://www.simplifyingthemarket.com/2021/08/17/what-does-being-in-a-sellers-market-mean/?a=712984-fa409495d5d70154d03a25e81e9540e2">sellers’ market</a> like we’re in now. In today’s real estate market, the combination of <a href="https://www.simplifyingthemarket.com/2021/08/18/real-estate-its-still-a-lack-of-supply-not-a-lack-of-demand/?a=712984-fa409495d5d70154d03a25e81e9540e2">low housing supply</a> and high buyer demand is driving <a href="https://www.simplifyingthemarket.com/2021/08/16/a-look-at-home-price-appreciation-and-what-it-means-for-sellers/?a=712984-fa409495d5d70154d03a25e81e9540e2">home values</a> up. This is giving homeowners a significant equity boost.</p>
<p>According to the latest data from <em>CoreLogic</em>, the amount of equity homeowners have has continued to grow as home values appreciate. Here are some key takeaways from the <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/"><em>Homeowner Equity Insights Report</em></a>:</p>
<ul>
<li>The average homeowner gained <strong>$51,500</strong> in equity over the past year</li>
<li>There was a <strong>29.3% increase</strong> in national homeowner equity year over year</li>
</ul>
<p>To give you an idea of what that looks like in your area, the map below shows the average equity gains by state.<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2021/09/29110119/20210930-MEM-Eng-1.png"><img alt="As Home Equity Rises, So Does Your Wealth | Simplifying The Market" class="aligncenter wp-image-45235" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/09/29110119/20210930-MEM-Eng-1.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/09/29110119/20210930-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/09/29110119/20210930-MEM-Eng-1-400×300.png 400w" width="650"/></a></p>
<h4><strong>What does all of that mean for you? </strong></h4>
<p>If you’re already a homeowner, you likely have more equity in your house than you realize. The numbers in the map above reflect year-over-year growth. If you’ve been in your home for longer than a year, you’ll likely have even more equity than that. That equity can take you places. You can use the equity you’ve gained to fuel your next move, achieve other life goals, and more.</p>
<p>On the other hand, if you haven’t purchased a home yet, understanding equity can help you realize why homeownership is a worthwhile goal. Homeowners across the nation gained an average of over $50,000 in equity this year. Don’t miss out on this chance to grow your net worth.</p>
<h3><strong>Bottom Line</strong></h3>
<p>If you want to learn more, let’s connect. A trusted advisor can help you understand where home prices are today, how they contribute to a homeowner’s net worth, and the impact equity can have when you own a home.</p>
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