Chances are, if you own a home in the United States, you do have equity – and plenty of it! According to statistics, equity, or the total value of owner-occupied real estate, reached 72.7% in the second quarter of 2024, the highest level since 1958.
The total value of all this equity is $48.2 trillion, an increase of 8 % from just a year ago and nearly double of the total value of homes 10 years ago.
It’s worth noting that the total debt in the U.S. also hit a new high of $13.1 trillion but it grew at a slower rate – up only3% from last year.
Finally, according to the U.S. Census Bureau nearly 40% of all owner-occupied homes are now mortgage-free, the highest rate since 2005.