2024 Home Equity Hits Record $35 Trillion: Regional Winners and Losers
2024 Home Equity Hits Record $35 Trillion: Regional Winners and Losers
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In 2024, the total home equity in the United States reached a record $35 trillion. This significant increase was driven by various factors, including rising home prices and mortgage balance reductions. However, the growth in home equity was not uniform across all regions.
Regional Winners
Connecticut and New Jersey:
These states experienced substantial home equity growth, with Connecticut seeing a 6.7% increase and New Jersey a 6.2% increase in home equity from Q2 2023 to Q2 2024. This growth was attributed to the strong housing markets in these areas.
California, Washington, and Oregon:
These states also saw notable increases in home equity. California's home equity grew by 5.5%, Washington's by 5.3%, and Oregon's by 5.2% during the same period. The robust real estate markets in these states contributed to the significant equity gains.
Regional Losers
Florida and Georgia:
In contrast, Florida and Georgia saw relatively smaller increases in home equity. Florida's home equity grew by 4.1%, and Georgia's by 4.4%. This slower growth can be attributed to various local economic factors and market conditions.
Overall Trends
The average U.S. homeowner gained about $28,000 in equity in the first quarter of 2024. This trend was supported by the overall increase in home prices and the reduction in mortgage balances.
While the national home equity reached an all-time high of $35 trillion in 2024, the growth was uneven across different regions. States like Connecticut, New Jersey, California, Washington, and Oregon saw significant increases, while Florida and Georgia experienced more modest gains. This disparity highlights the varied economic and housing market conditions across different parts of the United States.
