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Nearly Half Of All Homes Are Equity Rich
Dated: October 20 2022
Views: 123
When it comes to money, most people would rather have more of it. That seems pretty easy to say, but what does it mean to have money versus having wealth?
When you think of wealth, do you think of people who have cash or own things such as property, businesses, stocks, etc.? They do that through equity.
Regarding real estate especially, equity is the difference between what your home is worth and what you owe on your mortgage. This means it’s a good thing to have – and, these days, nearly half of all homeowners do. In fact, according to ATTOM Data Solutions’ second-quarter 2022 U.S Home Equity & Underwater Report, 48.1 percent of mortgaged residential properties are now considered equity rich – meaning the amount homeowners owe on their home is less than 50 percent of the home’s market value. The share of equity-rich homes is up from 34.4 percent last year at the same time and 44.9 percent during the first quarter of this year. Rick Sharga, executive vice president of market intelligence at ATTOM, says homeowners will continue to make gains even as the market slows. “While home price appreciation appears to be slowing down due to higher interest rates on mortgage loans, it seems likely that homeowners will continue to build on the record amount of equity they have for the rest of 2022,” Sharga said. As it is, the percentage of equity-rich homes is now the highest its ever been.
If you want to know how to use your equity to build wealth, reach out to us. We have special tools to show you options that can make a big difference in your future.
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Your Luxury REALTOR®, Trusted Advisor — Quintessential Naples Team at Downing-Frye Realty®Michael "Mike" Downer is the REALTOR® you want in your corner when buying or selling real es....
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