Americans continue to own more of their homes as the percentage of household equity continues to rise, with home equity percentages surging 6.6% over last year. The impressive upsurge equates to a rough average of an additional $9800 in additional equity for homeowners. While the percentages are still well below post WWII averages, homeowner equity maintains its upward trend from it’s precipitous fall during the banking and mortgage crisis of 2007. Though 30% of homeowners own their homes outright, only 27.5% of homeowners maintain more than 50% equity in their homes. By far the biggest factor contributing to increasing homeowner equity percentages is the rise in value of residential real estate, as home prices are up 4.3% this year.1
1 http://www.mortgagenewsdaily.com/09212020_core_logic_equity_report.asp
https://www.nationalmortgagenews.com/news/mortgage-equity-report-in-second-quarter-2020-finds-fewer-are-underwater