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American homeowners now have an average of $200,000 in equity.
Home prices have been on a tear since the pandemic, with the national median price rising from $276,660 in May of 2020 to $397,022 in May of 2023, according to historic price data. For those looking to buy, affordability becomes an issue. For homeowners, appreciating value means a boost in home equity.
The latest Black Knight Home Price research shows that the average homeowner with a mortgage had $199,000 in equity in June, up from $185,000 in the first quarter of the year.
The report is based on the company’s mortgage, real estate and public records data sets. There’s no end in sight to the lack of inventory driving housing prices nationwide, the report said. Homeowners who purchased or refinanced when rates were low are reluctant to swap for a higher-interest mortgage.
Home equity in America reached $10.5 trillion in June, up from $10.3 trillion in May, according to the research.
The equity is the amount homeowners can borrow against their home while retaining a 20% stake. Home equity has been used for myriad purposes from financing education to home remodeling.
While affordability for prospective homebuyers is nearly the worst it’s been in 37 years, low interest rates locked in during the COVID era continue to keep payments down for existing homeowners, Black Knight Vice President of Enterprise Research Andy Walden explained in the report.
The weekly average rate on a 30-year mortgage has remained above 7% since mid August and is now at the highest level since mid-December 2000.
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