Reported 2 days ago
Home equity, the portion of property owned outright by a homeowner, has gained significant attention recently due to rising home prices, boosting collective homeowner equity in the U.S. to $34.5 trillion. On average, mortgaged homeowners hold approximately $302,000 in equity. As homeowners pay down mortgages and improve properties, their equity increases, but negativity equity — where mortgage debt exceeds property value — poses risks. Understanding home equity is vital, providing insights into potential wealth or borrowing options for home-related expenses.
Source: YAHOO