In the first quarter of 2024, U.S. homeowners with mortgages enjoyed a significant boost in home equity, increasing by 9.6% year over year. According to CoreLogic's Homeowner Equity Report, this translates to a collective gain of $1.5 trillion, or an average increase of $28,000 per borrower. This surge in home equity not only underscores the strength of the housing market but also provides homeowners with a crucial financial buffer amidst rising homeownership costs.
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Source: The World Property Journal | Repost Houterloot 6/21/2024 -
Based on CoreLogic's Homeowner Equity Report for the first quarter of 2024, U.S. homeowners with mortgages (which account for roughly 62% of all properties) saw home equity increase by 9.6% year over year, representing a collective gain of $1.5 trillion and an average increase of $28,000 per borrower since the first quarter of 2023. This brought total net homeowner equity to more than $17 trillion at the end of Q1 2024.
U.S. homeowners with a mortgage continued to see healthy annual equity gains in the opening quarter of 2024. As one of the nation's most expensive states with perpetually high housing demand, California homeowners saw the largest equity gain in the country at $64,000, with those in the Los Angeles metro area netting $72,000 year over year. Most of the other large equity gains were concentrated in the Northeast, including New Jersey ($59,000), a state that has ranked in the top three for annual appreciation in CoreLogic's monthly Home Price Insights report since last fall.
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