More and More Homeowners Achieve 'Equity Rich' Status

A growing percentage of homeowners owe less than half of their homes total value, according to recent analysis.

1 minute read

August 11, 2021, 7:00 AM PDT

By James Brasuell @CasualBrasuell

Suburban Home

Pexels / Pixabay

"The hot housing market has not just meant windfalls for sellers. It's also increasing the percentage of homeowners who are 'equity-rich,'" reports Andy Medici, sharing findings of a new study by property database Attom Data Solutions LLC.

"About 34.4% of residential properties in the United States were 'equity-rich' in the second quarter of 2021, which means the total loans on the property were half or less than half of the property's total value. That's up from 31.2% in the first quarter of 2021 and up from 27.5% in the second quarter of 2020," explains Medici of the report's findings.

Just 4.1 percemt of homes are underwater, "down from 5.2% during the first quarter of 2021 and down from 6.2% during the same time in 2020."

Around the country, Arizona saw the biggest jump in its portion of equity-rich homes. Maryland was the only state in the country that saw its percentage of equity-rich homes slip in the last quarter.

Monday, August 9, 2021 in Cincinnati Business Courier

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