Most Homeowners Say They Would Rather Leverage Home Equity Than Sell

Owning a home has long been a part of the American dream, and a majority of homeowners are using their current properties to build generational wealth. According to the results of a recent survey by TD Bank, a financial institution based in Cherry Hill, N.J., more than 66% of homeowners view their homes this way, and 60% of survey respondents say they would rather leverage their home equity than sell.

This sentiment is especially true among younger generations. Planning to stay in their homes for a longer period of time, 73% of Gen Z respondents and 66% of Millennials who responded to the survey say they will likely apply for a home equity line of credit within the next 18 months in an effort to make home upgrades and improve their finances over the long term.

This decision is also influenced by the ongoing housing shortage – which has encouraged many existing homeowners to stay put and tap into their home’s equity. In fact, the percentage of homeowners who are not planning to sell in the near future and are waiting for housing inventory to increase before making a move has doubled year-over-year from 9% in 2023 to 18% for this year. As a result, many homeowners are opting to invest in their current properties, rather than face the challenges of buying in a competitive market. Read more