How home equity compares in each state
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How home equity compares in each state
A suburban neighborhood.
Many American homeowners saw their wealth balloon over the last two years as the U.S. real estate market experienced an unprecedented frenzy.
Homeowners living in less populous western states, in particular, saw their housing values soar as remote work allowed many white-collar workers the flexibility to move further from urban centers and acquire more space at more affordable prices.
In Idaho, for example, home prices rose a whopping 41% between the third quarters of 2020 and 2022, respectively, according to Federal Housing Finance Agency data.
Portland Real Estate examined real estate data platform ATTOM‘s quarterly home equity report to see which states have the largest share of equity-rich homeowners in the third quarter of 2022. In the case of a tie, the raw number of homeowners was used.
Even as growth in home prices has slowed in the second half of this year, most American homeowners still saw home equity increase. Households are considered equity-rich, or “house-rich,” when the property owner’s outstanding mortgage balance is half or less than the home’s estimated market value. Nationally, about 48.5% of homes with mortgages were considered equity-rich in the third quarter, the 10th straight quarter of gains.
From 2002 to 2022, Americans have seen the portion of their wealth that’s tied up in residential real estate collectively grow by $20 trillion—an upward trend line that grew steeper in 2020 and 2021, according to the Federal Reserve.
Many of the most equity-rich homeowners are located on the West Coast, while the Midwest and South have the fewest. In today’s high-interest-rate environment, homeowners have limited routes for tapping the equity they’ve built up in their homes. Home equity lines of credit, or HELOCs, rose in popularity earlier this year but could become less attractive as interest rates climb higher.
Allison J. Hahn // Shutterstock
#51. Louisiana
A family home in Louisiana.
– Share of equity-rich homeowners: 24.5%
– Total equity-rich homeowners: 146,151
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#50. Illinois
A home in Illinois.
– Share of equity-rich homeowners: 26.3%
– Total equity-rich homeowners: 644,018
CREATISTA // Shutterstock
#49. Alaska
A historic residential neighborhood in Ketchikan, Alaska.
– Share of equity-rich homeowners: 26.7%
– Total equity-rich homeowners: 33,541
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#48. West Virginia
An aerial view of a neighborhood in West Virginia.
– Share of equity-rich homeowners: 29.3%
– Total equity-rich homeowners: 38,435
northlight // Shutterstock
#47. North Dakota
A modern residential neighborhood in Bismarck, North Dakota.
– Share of equity-rich homeowners: 30.9%
– Total equity-rich homeowners: 34,985
Mohamed R. Gohar // Shutterstock
#46. Iowa
A home in Iowa.
– Share of equity-rich homeowners: 31.1%
– Total equity-rich homeowners: 202,924
TLF Images // Shutterstock
#45. Mississippi
A vintage car parkerd in front of a wood house in Vicksburg, Mississippi.
– Share of equity-rich homeowners: 31.5%
– Total equity-rich homeowners: 45,462
tokar // Shutterstock
#44. Maryland
A neighborhood of multilevel single family homes in Maryland.
– Share of equity-rich homeowners: 31.5%
– Total equity-rich homeowners: 461,131
Lisa Eastman // Shutterstock
#43. Kansas
A large home in Kansas.
– Share of equity-rich homeowners: 34.0%
– Total equity-rich homeowners: 122,784
Felix Mizioznikov // Shutterstock
#42. Delaware
Residential upscale homes in Brookside, Delaware, as seen from an aerial view.
– Share of equity-rich homeowners: 34.2%
– Total equity-rich homeowners: 76,696
Vineyard Perspective // Shutterstock
#41. Oklahoma
A cute cottage in Oklahoma.
– Share of equity-rich homeowners: 34.6%
– Total equity-rich homeowners: 214,292
Noel V. Baebler // Shutterstock
#40. Virginia
A neighborhood in Richmond, Virginia, during early spring.
– Share of equity-rich homeowners: 34.9%
– Total equity-rich homeowners: 603,296
Feng Cheng // Shutterstock
#39. Connecticut
A house in Connecticut.
– Share of equity-rich homeowners: 35.5%
– Total equity-rich homeowners: 293,288
Sascha Burkard // Shutterstock
#38. Wyoming
A ranch home in Wyoming.
– Share of equity-rich homeowners: 35.7%
– Total equity-rich homeowners: 33,039
Suzanne Simon // Shutterstock
#36. Washington DC
Townhouses in Logan Circle, Washington D.C.
– Share of equity-rich homeowners: 36.6%
– Total equity-rich homeowners: 39,577
shuttersv // Shutterstock
#37. Arkansas
A residential neighborhood in Bentonville, Arkansas.
– Share of equity-rich homeowners: 36.6%
– Total equity-rich homeowners: 155,525
Denise Kappa // Shutterstock
#35. Ohio
A house in a suburban neighborhood of Cleveland.
– Share of equity-rich homeowners: 37.6%
– Total equity-rich homeowners: 859,318
LanaG // Shutterstock
#34. Missouri
A single-level home in Missouri.
– Share of equity-rich homeowners: 38.1%
– Total equity-rich homeowners: 409,025
M.S. Maklidrone // Shutterstock
#33. Alabama
An Alabama HOA Neighborhood during sunset.
– Share of equity-rich homeowners: 38.2%
– Total equity-rich homeowners: 248,445
Anne Kitzman // Shutterstock
#32. Kentucky
A horse farm in Kentucky.
– Share of equity-rich homeowners: 38.4%
– Total equity-rich homeowners: 238,027
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#31. Pennsylvania
A neighborhood in Pennsylvania.
– Share of equity-rich homeowners: 38.7%
– Total equity-rich homeowners: 977,695
719production // Shutterstock
#30. Minnesota
A neighborhood in Minneapolis.
– Share of equity-rich homeowners: 39.1%
– Total equity-rich homeowners: 413,576
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#29. New Jersey
A neighborhood in New Jersey.
– Share of equity-rich homeowners: 40.2%
– Total equity-rich homeowners: 742,225
Aspects and Angles // Shutterstock
#28. Nebraska
A luxury ranch-style home in Omaha, Nebraska.
– Share of equity-rich homeowners: 40.9%
– Total equity-rich homeowners: 143,265
RyanWilson10 // Shutterstock
#27. South Dakota
A modern home in Sioux Falls, South Dakota.
– Share of equity-rich homeowners: 41.8%
– Total equity-rich homeowners: 20,200
James Meyer // Shutterstock
#26. Wisconsin
A residential neighborhood in Bayview, Wisconsin.
– Share of equity-rich homeowners: 42.4%
– Total equity-rich homeowners: 452,784
T-I // Shutterstock
#25. Michigan
A row of homes in East Lansing, Michigan.
– Share of equity-rich homeowners: 44.0%
– Total equity-rich homeowners: 814,323
Lindasj22 // Shutterstock
#24. Indiana
A new construction, two-story home in Carmel, Indiana.
– Share of equity-rich homeowners: 46.2%
– Total equity-rich homeowners: 527,123
turtix // Shutterstock
#23. New Mexico
A residential neighborhood in Albuquerque, New Mexico.
– Share of equity-rich homeowners: 46.3%
– Total equity-rich homeowners: 150,080
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#22. New York
Townhouses in New York City.
– Share of equity-rich homeowners: 48.2%
– Total equity-rich homeowners: 1,090,860
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#21. South Carolina
A suburban home in South Carolina.
– Share of equity-rich homeowners: 48.8%
– Total equity-rich homeowners: 431,314
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#20. Georgia
Historic homes in Savannah, Georgia.
– Share of equity-rich homeowners: 50.7%
– Total equity-rich homeowners: 959,655
Jim Cumming // Shutterstock
#19. Montana
A country home in Montana during winter.
– Share of equity-rich homeowners: 51.5%
– Total equity-rich homeowners: 53,671
Jon Bilous // Shutterstock
#18. Rhode Island
A home in Providence, Rhode Island.
– Share of equity-rich homeowners: 53.4%
– Total equity-rich homeowners: 122,706
Gus Valente // Shutterstock
#17. North Carolina
A neighborhood in Indian Trail, North Carolina.
– Share of equity-rich homeowners: 54.0%
– Total equity-rich homeowners: 995,545
d murk photographs // Shutterstock
#16. Massachusetts
A residential neighborhood in Massachusetts.
– Share of equity-rich homeowners: 54.3%
– Total equity-rich homeowners: 838,201
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#15. Oregon
A home in Portland, Oregon.
– Share of equity-rich homeowners: 55.0%
– Total equity-rich homeowners: 417,557
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#14. New Hampshire
A neighborhood in Portsmouth, New Hampshire.
– Share of equity-rich homeowners: 55.1%
– Total equity-rich homeowners: 157,349
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#13. Colorado
A residential neighborhood in Colorado during autumn.
– Share of equity-rich homeowners: 55.4%
– Total equity-rich homeowners: 739,926
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#12. Nevada
A neighborhood in Henderson, Nevada.
– Share of equity-rich homeowners: 55.8%
– Total equity-rich homeowners: 348,239
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#11. Texas
A home in Texas.
– Share of equity-rich homeowners: 56.1%
– Total equity-rich homeowners: 2,507,257
eakkarat rangram // Shutterstock
#10. Tennessee
A family home in Knoxville, Tennessee.
– Share of equity-rich homeowners: 57.1%
– Total equity-rich homeowners: 748,126
Noel V. Baebler // Shutterstock
#9. Maine
A residential neighborhood block in Portland, Maine.
– Share of equity-rich homeowners: 57.5%
– Total equity-rich homeowners: 153,431
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#8. Hawaii
A home in Kauai, Hawaii, with a double rainbow above it.
– Share of equity-rich homeowners: 59.0%
– Total equity-rich homeowners: 153,703
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#7. California
An aerial view of a California suburb.
– Share of equity-rich homeowners: 60.6%
– Total equity-rich homeowners: 4,015,264
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#6. Washington
An aerial view of neighborhood in Seattle.
– Share of equity-rich homeowners: 61.0%
– Total equity-rich homeowners: 998,944
Jason Finn // Shutterstock
#5. Utah
Homes in Highland, Utah, in a premium neighborhood with mountain and sky views.
– Share of equity-rich homeowners: 62.0%
– Total equity-rich homeowners: 385,344
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#4. Florida
Neighborhoods in Florida.
– Share of equity-rich homeowners: 62.8%
– Total equity-rich homeowners: 2,709,062
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#3. Arizona
A suburban housing development in Scottsdale, Arizona.
– Share of equity-rich homeowners: 63.4%
– Total equity-rich homeowners: 926,115
Charles Knowles // Shutterstock
#2. Idaho
An Idaho subdivision as viewed from above.
– Share of equity-rich homeowners: 65.8%
– Total equity-rich homeowners: 244,597
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#1. Vermont
A neighborhood in Vermont.
– Share of equity-rich homeowners: 75.9%
– Total equity-rich homeowners: 14,036
This story originally appeared on Portland Real Estate and was produced and
distributed in partnership with Stacker Studio.
