In 2018, U.S. homeowners collectively gained 8 percent in home equity, or $678 billion, per CoreLogic data. Per homeowner, that comes out to about $9,700 in added wealth.
The gains were fueled by home value appreciation and home loan borrowers paying down their mortgages. Geographically, homeowners in the Western United States had the biggest annual gains. Nevadans posted the biggest gain, $29,000 in additional wealth. Idahoan homeowners had $27,000 in additional annual wealth, and California homeowners gained nearly $20,000, CNBC reports.
Washington state, New York and Florida homes also saw big equity gains. There were, however, some losses. Homeowners in North Dakota, Louisiana and Connecticut saw their equity drop.
"The increase in home equity over the past several years provides homeowners with the means to finance home remodels and repairs," said Frank Martell, president and CEO of CoreLogic. "With rates still ultra-low by historical standards, home-equity loans provide a low-cost method to finance home-improvement spending. These expenditures are expected to rise 5 percent in 2019."
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