![\"Homeowners](\"https:\/\/i0.wp.com\/sandpointrealtyidaho.com\/blog\/wp-content\/uploads\/2024\/07\/20240703-Homeowners-Gained-28K-in-Equity-over-the-Past-Year-original.png?w=1220&ssl=1\")
\nIf you own a home, your net worth has probably gone up a lot over the past year. Home prices<\/a> have been rising, which means you\u2019re building equity much faster than you might think. Here\u2019s how it works.<\/p>\n Equity is the current value of your home minus what you owe on the loan.<\/strong><\/p>\n Over the past year, there have still been more people wanting to buy than there are homes available for sale, and that\u2019s pushed prices up.\u00a0That rise in prices has translated directly into increasing equity for homeowners.<\/p>\n According to the latest Homeowner Equity Insights<\/em><\/a> from CoreLogic<\/em>, the average homeowner\u2019s equity has grown by $28,000 in the last year alone<\/strong>.<\/p>\n That\u2019s the national average, so if you want to see what\u2019s happening in your state, check out the map below. It uses data<\/a> from CoreLogic<\/em> to show how much equity has grown in each state over the past year. You\u2019ll notice every single state with sufficient data saw annual equity gains: If you bought your house before the pandemic, the equity news is even better. According to data<\/a> from Realtor.com<\/em>, home prices shot up by 37.5% from May 2019 to May 2024, meaning your home\u2019s value has likely increased significantly. Ralph McLaughlin, Senior Economist at Realtor.com<\/em>, says<\/a>:<\/p>\n \u201cHomeowners have seen extraordinary gains in home equity over the past five years.\u201d<\/em><\/p><\/blockquote>\n To give context to how much equity can stack up over time, Selma Hepp, Chief Economist at CoreLogic<\/em>, explains<\/a> the total equity the typical homeowner has today:<\/p>\n \u201cWith home prices continuing to reach new highs, owners are also seeing their equity approach the historic peaks of 2023, <\/em>close to a total of $305,000 per owner<\/em><\/strong>.\u201d<\/em><\/p><\/blockquote>\n With how prices skyrocketed a few years ago, and the ongoing price growth today, homeowners clearly have substantial equity built up \u2013 and that has some serious benefits.<\/p>\n You could use it to start a business, fund an education, or even to help you afford your next home. When you sell<\/a>, the equity you\u2019ve built up comes back to you, and may be enough to cover a big part \u2013 or even all \u2013 of your next home\u2019s down payment.<\/p>\n If you\u2019re planning to move<\/a>, the equity you\u2019ve gained can really help. Curious about how much you have and how you can use it to help pay for your next home? Connect with a local real estate agent<\/a>.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":" If you own a home, your net worth has probably gone up a lot over the past year. Home prices have been rising, which means you\u2019re building equity much faster than you might think. Here\u2019s how it works. Equity is the current value of your home minus what you owe on the loan. Over the […]<\/p>\n","protected":false},"author":1,"featured_media":4883,"comment_status":"registered_only","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[12],"tags":[29,27,20,18,28],"class_list":["post-4882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-insight","tag-idaho-real-estate","tag-north-idaho-homes","tag-rain-silverhawk","tag-real-estate","tag-sandpoint-idaho"],"aioseo_notices":[],"acf":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/sandpointrealtyidaho.com\/blog\/wp-content\/uploads\/2024\/07\/20240703-Homeowners-Gained-28K-in-Equity-over-the-Past-Year-original.png?fit=750%2C410&ssl=1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pdz2Zu-1gK","_links":{"self":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts\/4882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/comments?post=4882"}],"version-history":[{"count":0,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts\/4882\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/media\/4883"}],"wp:attachment":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/media?parent=4882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/categories?post=4882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/tags?post=4882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}How Much Equity Have You Earned over the Past 12 Months?<\/strong><\/h4>\n
![\"No](\"https:\/\/i0.wp.com\/sandpointrealtyidaho.com\/blog\/wp-content\/uploads\/2024\/07\/20240703-Homeowner-Equity-Gains-original.png?w=1220&ssl=1\")
<\/a><\/p>\n\nWhat If You Bought Your House Before the Pandemic?<\/strong><\/h4>\n
How Your Rising Home Equity Can Help You<\/strong><\/h4>\n
Bottom Line<\/h3>\n