--- title: Average Home Equity in the U.S. Just Hit a Record High of $300,000 description: Average home equity in the U.S. just hit a record high of about $300,000, an increase of over $60,000 in one year. authors: - name: Sarah Hansen role: Senior Writer url: https://money.com/author/sarah-hansen/ bio: Sarah Hansen is a senior writer at Money covering all things personal finance. Previously, she covered economic policy and capital markets on the breaking news desk at Forbes. education: Northwestern University, New York University at_money_since: 2021 articles: 347 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes social: - https://www.linkedin.com/in/sarah-m-hansen/ former_staff: true editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2022-09-12T17:43:41.000Z' modified: '2024-01-10T13:18:11.000Z' section: Housing tags: - News word_count: 368 canonical: https://money.com/average-home-equity-record-high-3000000/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo Illustration of a house with sun rays emitting from it](https://img.money.com/2022/09/News-Average-Home-Equity-Record-High.jpg?crop=0px%2C143px%2C2880px%2C1620px&quality=85) The housing market may be [cooling down](https://money.com/home-prices-will-fall-survey/), but homeowners are still getting wealthier. According to a new [report](https://www.corelogic.com/press-releases/corelogic-us-home-equity-increases-again-in-q2-2022-with-the-total-average-equity-per-homeowner-reaching-a-record-high-of-300000/) from real estate data firm CoreLogic, the average home equity for borrowers is now nearly $300,000 — a record high. Home equity is the difference between your home’s market value and the amount you still owe on your mortgage. If your home is worth $500,000 and you owe $350,000 on the mortgage, you have $150,000 in equity. CoreLogic found that homeowners with mortgages saw their home equity jump nearly 28%, or an average of $60,200 per borrower, between the second quarter of 2021 and the second quarter of 2022. As is usually the case when it comes to real estate, those gains were not evenly distributed across the country. Homeowners in Hawaii saw the largest average gains of $130,000 per borrower. California was close behind ($117,000), followed by Florida ($100,000). CoreLogic attributes the past year’s unusually high gains to the double-digit [growth in home prices](https://money.com/reason-high-home-prices-remote-work/) during the pandemic. As we recently reported, the [median home price in the U.S.](https://money.com/home-prices-will-fall-survey/) is now about $440,000, up 15% in a year. There has also been a sharp uptick in [mortgage refinancing](https://money.com/best-mortgage-refinance/) in recent years, which was made possible by rock-bottom [mortgage rates](https://money.com/current-mortgage-rates/) before 2022. Rising equity is a big deal for many families. It means better opportunities to buy a new home, since their original home may sell for significantly more than the original purchase price. It also means more flexibility when it comes to credit, and can give families options if they need access to cash for large expenses. Homeowners can take out a [home equity loan](https://money.com/best-home-equity-loans/) (sometimes called a [second mortgage](https://money.com/best-mortgage-lenders/)) if they have good credit and have built up enough equity. A [home equity line of credit](https://money.com/heloc-home-equity-line-of-credit/) (HELOC) is another [popular option](https://money.com/helocs-popularity-extra-cash/). It’s similar to a home equity loan, but gives you access to a revolving line of credit (like a [credit card](https://money.com/best-credit-cards/)) rather than a single lump sum payment. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/average-home-equity-record-high-3000000/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Housing", "item": "https://money.com/housing/" }, { "@type": "ListItem", "position": 3, "name": "Home Equity", "item": "https://money.com/home-equity/" }, { "@type": "ListItem", "position": 4, "name": "Average Home Equity in the U.S. Just Hit a Record High of $300,000" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/average-home-equity-record-high-3000000/#webpage", "url": "https://money.com/average-home-equity-record-high-3000000/", "name": "Average Home Equity in the U.S. Just Hit a Record High of $300,000", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2022-09-12T17:43:41.000Z", "mainEntity": { "@id": "https://money.com/average-home-equity-record-high-3000000/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/average-home-equity-record-high-3000000/#breadcrumb" }, "dateModified": "2024-01-10T13:18:11.000Z" }, { "@type": "NewsArticle", "headline": "Average Home Equity in the U.S. Just Hit a Record High of $300,000", "articleSection": "Housing", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2022/09/News-Average-Home-Equity-Record-High.jpg?crop=0px%2C143px%2C2880px%2C1620px&quality=85", "width": 1012, "height": 569, "caption": "News-Average-Home-Equity-Record-High" } ], "author": [ { "@type": "Person", "name": "Sarah Hansen", "url": "https://money.com/author/sarah-hansen/", "@id": "https://money.com/author/sarah-hansen/#author", "description": "Sarah Hansen is a senior writer at Money covering all things personal finance. 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