The State Where People Are Getting Rich On Their Homes

One of the main ways to accumulate wealth is through home buying. While homeowners were pleased to see their home equity rise during the pandemic housing boom, inflation and mortgage rates hikes put a damper on the housing market, and many homeowners watched with concern as their home equity was in jeopardy of dwindling.

Well, good news for homeowners. After the first two quarters of last year, when home equity nationwide declined, the third quarter of 2023 saw a reversal in the trend. According to property data provider Corelogic’s Homeowner Equity Report, home equity of U.S. homeowners with mortgages (which account for about 63% of all properties) increased by 6.8% year over year, or slightly more than $20,000 per borrower, on average, since the third quarter of 2022. With a total gain of $1.1 billion, the total amount of U.S. home equity for mortgaged properties now stands at $16.97 trillion.

Equity is “determined by comparing the estimated current value of the property against the mortgage debt outstanding,” CoreLogic explains. And with steady increases in house prices in the third quarter and fewer mortgage originations, home equity rose.

But of course, the housing market is not uniform nationwide, and in some states home equity declined compared to the same quarter in 2022. The question is, then, homeowners in which state can breathe a sigh of relief?

To determine the states where people are getting rich on their homes, 24/7 Wall St. reviewed a report from global property information and solutions provider CoreLogic: Homeowner Equity Insights — Q3 2023. States and the District of Columbia were ranked on their average equity gain from the third quarter of 2022 to the third quarter of 2023. CoreLogic also provided the percent of homeowners with negative equity on their homes — those who owe more on their mortgages than their homes are worth — in the third quarter of 2023. Data was not available for Mississippi, South Dakota, Vermont, and West Virginia. 24/7 Wall St. added median listing price as of January 2024 from Realtor.com Economic Research and median household income for 2022 from the Census Bureau’s American Community Survey.

In 16 state housing markets, home equity gains were at or above the national $20,000 average, with seven of them posting over $40,000 in equity gains. Among the seven are five Northeastern states: Massachusetts, Rhode Island, Connecticut, New Hampshire, and Maine. The top two states are California and Hawaii. Only three states and the District of Columbia saw a decline in home equity.

Unfortunately, some borrowers, in all states, have negative equity, also referred to as underwater mortgages. These borrowers owe more on their mortgages than their homes are currently worth. As of the third quarter of 2023, 1.8% of all mortgaged properties nationwide had negative equity. Louisiana is the state with the highest share of homeowners with negative equity, while California is the state with the smallest share.

47. Texas

Avg. equity gain, Q3 2022 to Q3 2023: -$8,683
Pct. of homeowners who owe more than their home is worth: 1.8% (22nd lowest of 46 states and DC)
Median listing price, Jan 2024: $359,945 (18th lowest of 46 states and DC)
Median household income, 2022: $72,284 (24th highest of 46 states and DC)
Population, 2022: 30,029,572

46. New York

Avg. equity gain, Q3 2022 to Q3 2023: -$7,525
Pct. of homeowners who owe more than their home is worth: 3.3% (6th highest of 46 states and DC)
Median listing price, Jan 2024: $644,000 (4th highest of 46 states and DC)
Median household income, 2022: $79,557 (17th highest of 46 states and DC)
Population, 2022: 19,677,151

45. Utah

Avg. equity gain, Q3 2022 to Q3 2023: -$873
Pct. of homeowners who owe more than their home is worth: 1.6% (15th lowest of 46 states and DC)
Median listing price, Jan 2024: $595,950 (8th highest of 46 states and DC)
Median household income, 2022: $89,168 (10th highest of 46 states and DC)
Population, 2022: 3,380,800

44. District of Columbia

Avg. equity gain, Q3 2022 to Q3 2023: -$783
Pct. of homeowners who owe more than their home is worth: 2.7% (10th highest of 46 states and DC)
Median listing price, Jan 2024: $619,900 (5th highest of 46 states and DC)
Median household income, 2022: $101,027 (the highest of 46 states and DC)
Population, 2022: 671,803

43. Louisiana

Avg. equity gain, Q3 2022 to Q3 2023: +$3,265
Pct. of homeowners who owe more than their home is worth: 6.1% (the highest of 46 states and DC)
Median listing price, Jan 2024: $275,000 (3rd lowest of 46 states and DC)
Median household income, 2022: $55,416 (the lowest of 46 states and DC)
Population, 2022: 4,590,241

42. Oklahoma

Avg. equity gain, Q3 2022 to Q3 2023: +$3,555
Pct. of homeowners who owe more than their home is worth: 4.1% (3rd highest of 46 states and DC)
Median listing price, Jan 2024: $295,000 (10th lowest of 46 states and DC)
Median household income, 2022: $59,673 (4th lowest of 46 states and DC)
Population, 2022: 4,019,800

41. Idaho

Avg. equity gain, Q3 2022 to Q3 2023: +$3,800
Pct. of homeowners who owe more than their home is worth: 2.1% (21st highest of 46 states and DC)
Median listing price, Jan 2024: $555,000 (10th highest of 46 states and DC)
Median household income, 2022: $72,785 (22nd highest of 46 states and DC)
Population, 2022: 1,939,033

40. Alaska

Avg. equity gain, Q3 2022 to Q3 2023: +$5,749
Pct. of homeowners who owe more than their home is worth: 1.5% (13th lowest of 46 states and DC)
Median listing price, Jan 2024: $392,000 (23rd lowest of 46 states and DC)
Median household income, 2022: $88,121 (12th highest of 46 states and DC)
Population, 2022: 733,583

39. Montana

Avg. equity gain, Q3 2022 to Q3 2023: +$5,875
Pct. of homeowners who owe more than their home is worth: 1.7% (18th lowest of 46 states and DC)
Median listing price, Jan 2024: $599,900 (7th highest of 46 states and DC)
Median household income, 2022: $67,631 (14th lowest of 46 states and DC)
Population, 2022: 1,122,867

38. Alabama

Avg. equity gain, Q3 2022 to Q3 2023: +$5,946
Pct. of homeowners who owe more than their home is worth: 2.5% (13th highest of 46 states and DC)
Median listing price, Jan 2024: $319,800 (13th lowest of 46 states and DC)
Median household income, 2022: $59,674 (5th lowest of 46 states and DC)
Population, 2022: 5,074,296

37. Oregon

Avg. equity gain, Q3 2022 to Q3 2023: +$7,075
Pct. of homeowners who owe more than their home is worth: 1.3% (8th lowest of 46 states and DC)
Median listing price, Jan 2024: $549,450 (12th highest of 46 states and DC)
Median household income, 2022: $75,657 (19th highest of 46 states and DC)
Population, 2022: 4,240,137

36. North Dakota

Avg. equity gain, Q3 2022 to Q3 2023: +$8,088
Pct. of homeowners who owe more than their home is worth: 3.7% (4th highest of 46 states and DC)
Median listing price, Jan 2024: $332,025 (14th lowest of 46 states and DC)
Median household income, 2022: $71,970 (23rd lowest of 46 states and DC)
Population, 2022: 779,261

35. Nevada

Avg. equity gain, Q3 2022 to Q3 2023: +$8,277
Pct. of homeowners who owe more than their home is worth: 0.7% (2nd lowest of 46 states and DC)
Median listing price, Jan 2024: $479,980 (17th highest of 46 states and DC)
Median household income, 2022: $72,333 (23rd highest of 46 states and DC)
Population, 2022: 3,177,772

34. Arkansas

Avg. equity gain, Q3 2022 to Q3 2023: +$11,739
Pct. of homeowners who owe more than their home is worth: 3.3% (6th highest of 46 states and DC)
Median listing price, Jan 2024: $295,000 (10th lowest of 46 states and DC)
Median household income, 2022: $55,432 (2nd lowest of 46 states and DC)
Population, 2022: 3,045,637

33. Arizona

Avg. equity gain, Q3 2022 to Q3 2023: +$12,120
Pct. of homeowners who owe more than their home is worth: 0.8% (3rd lowest of 46 states and DC)
Median listing price, Jan 2024: $499,000 (14th highest of 46 states and DC)
Median household income, 2022: $74,568 (20th highest of 46 states and DC)
Population, 2022: 7,359,197

32. Minnesota

Avg. equity gain, Q3 2022 to Q3 2023: +$12,295
Pct. of homeowners who owe more than their home is worth: 2.1% (20th highest of 46 states and DC)
Median listing price, Jan 2024: $377,000 (19th lowest of 46 states and DC)
Median household income, 2022: $82,338 (14th highest of 46 states and DC)
Population, 2022: 5,717,184

31. Tennessee

Avg. equity gain, Q3 2022 to Q3 2023: +$12,496
Pct. of homeowners who owe more than their home is worth: 2.5% (12th highest of 46 states and DC)
Median listing price, Jan 2024: $429,995 (21st highest of 46 states and DC)
Median household income, 2022: $65,254 (9th lowest of 46 states and DC)
Population, 2022: 7,051,339

30. New Mexico

Avg. equity gain, Q3 2022 to Q3 2023: +$12,643
Pct. of homeowners who owe more than their home is worth: 2.2% (18th highest of 46 states and DC)
Median listing price, Jan 2024: $387,000 (21st lowest of 46 states and DC)
Median household income, 2022: $59,726 (6th lowest of 46 states and DC)
Population, 2022: 2,113,344

29. Wyoming

Avg. equity gain, Q3 2022 to Q3 2023: +$12,791
Pct. of homeowners who owe more than their home is worth: 2.4% (15th highest of 46 states and DC)
Median listing price, Jan 2024: $434,900 (20th highest of 46 states and DC)
Median household income, 2022: $70,042 (20th lowest of 46 states and DC)
Population, 2022: 581,381

28. Iowa

Avg. equity gain, Q3 2022 to Q3 2023: +$12,975
Pct. of homeowners who owe more than their home is worth: 4.9% (2nd highest of 46 states and DC)
Median listing price, Jan 2024: $286,250 (6th lowest of 46 states and DC)
Median household income, 2022: $69,588 (18th lowest of 46 states and DC)
Population, 2022: 3,200,517

27. Nebraska

Avg. equity gain, Q3 2022 to Q3 2023: +$13,187
Pct. of homeowners who owe more than their home is worth: 3.1% (8th highest of 46 states and DC)
Median listing price, Jan 2024: $347,000 (15th lowest of 46 states and DC)
Median household income, 2022: $69,597 (19th lowest of 46 states and DC)
Population, 2022: 1,967,923

26. Kentucky

Avg. equity gain, Q3 2022 to Q3 2023: +$13,464
Pct. of homeowners who owe more than their home is worth: 3.4% (5th highest of 46 states and DC)
Median listing price, Jan 2024: $296,250 (11th lowest of 46 states and DC)
Median household income, 2022: $59,341 (3rd lowest of 46 states and DC)
Population, 2022: 4,512,310

25. Illinois

Avg. equity gain, Q3 2022 to Q3 2023: +$14,247
Pct. of homeowners who owe more than their home is worth: 3.0% (9th highest of 46 states and DC)
Median listing price, Jan 2024: $290,000 (8th lowest of 46 states and DC)
Median household income, 2022: $76,708 (18th highest of 46 states and DC)
Population, 2022: 12,582,032

24. Indiana

Avg. equity gain, Q3 2022 to Q3 2023: +$14,526
Pct. of homeowners who owe more than their home is worth: 1.4% (9th lowest of 46 states and DC)
Median listing price, Jan 2024: $276,850 (4th lowest of 46 states and DC)
Median household income, 2022: $66,785 (11th lowest of 46 states and DC)
Population, 2022: 6,833,037

23. Kansas

Avg. equity gain, Q3 2022 to Q3 2023: +$17,853
Pct. of homeowners who owe more than their home is worth: 1.4% (11th lowest of 46 states and DC)
Median listing price, Jan 2024: $296,900 (12th lowest of 46 states and DC)
Median household income, 2022: $68,925 (15th lowest of 46 states and DC)
Population, 2022: 2,937,150

22. Washington

Avg. equity gain, Q3 2022 to Q3 2023: +$18,705
Pct. of homeowners who owe more than their home is worth: 1.9% (23rd lowest of 46 states and DC)
Median listing price, Jan 2024: $610,950 (6th highest of 46 states and DC)
Median household income, 2022: $91,306 (7th highest of 46 states and DC)
Population, 2022: 7,785,786

21. Missouri

Avg. equity gain, Q3 2022 to Q3 2023: +$19,065
Pct. of homeowners who owe more than their home is worth: 2.5% (13th highest of 46 states and DC)
Median listing price, Jan 2024: $289,050 (7th lowest of 46 states and DC)
Median household income, 2022: $64,811 (8th lowest of 46 states and DC)
Population, 2022: 6,177,957

20. Georgia

Avg. equity gain, Q3 2022 to Q3 2023: +$19,130
Pct. of homeowners who owe more than their home is worth: 1.7% (20th lowest of 46 states and DC)
Median listing price, Jan 2024: $384,730 (20th lowest of 46 states and DC)
Median household income, 2022: $72,837 (21st highest of 46 states and DC)
Population, 2022: 10,912,876

19. Ohio

Avg. equity gain, Q3 2022 to Q3 2023: +$19,167
Pct. of homeowners who owe more than their home is worth: 2.1% (23rd highest of 46 states and DC)
Median listing price, Jan 2024: $245,000 (the lowest of 46 states and DC)
Median household income, 2022: $65,720 (10th lowest of 46 states and DC)
Population, 2022: 11,756,058

18. Michigan

Avg. equity gain, Q3 2022 to Q3 2023: +$19,401
Pct. of homeowners who owe more than their home is worth: 2.3% (17th highest of 46 states and DC)
Median listing price, Jan 2024: $257,000 (2nd lowest of 46 states and DC)
Median household income, 2022: $66,986 (12th lowest of 46 states and DC)
Population, 2022: 10,034,118

17. Pennsylvania

Avg. equity gain, Q3 2022 to Q3 2023: +$20,318
Pct. of homeowners who owe more than their home is worth: 2.1% (22nd highest of 46 states and DC)
Median listing price, Jan 2024: $280,000 (5th lowest of 46 states and DC)
Median household income, 2022: $71,798 (22nd lowest of 46 states and DC)
Population, 2022: 12,972,008

16. Virginia

Avg. equity gain, Q3 2022 to Q3 2023: +$25,275
Pct. of homeowners who owe more than their home is worth: 1.4% (10th lowest of 46 states and DC)
Median listing price, Jan 2024: $415,000 (22nd highest of 46 states and DC)
Median household income, 2022: $85,873 (13th highest of 46 states and DC)
Population, 2022: 8,683,619

15. South Carolina

Avg. equity gain, Q3 2022 to Q3 2023: +$25,657
Pct. of homeowners who owe more than their home is worth: 1.9% (24th highest of 46 states and DC)
Median listing price, Jan 2024: $349,992 (16th lowest of 46 states and DC)
Median household income, 2022: $64,115 (7th lowest of 46 states and DC)
Population, 2022: 5,282,634

14. Maryland

Avg. equity gain, Q3 2022 to Q3 2023: +$25,890
Pct. of homeowners who owe more than their home is worth: 1.7% (19th lowest of 46 states and DC)
Median listing price, Jan 2024: $390,000 (22nd lowest of 46 states and DC)
Median household income, 2022: $94,991 (3rd highest of 46 states and DC)
Population, 2022: 6,164,660

13. Delaware

Avg. equity gain, Q3 2022 to Q3 2023: +$26,665
Pct. of homeowners who owe more than their home is worth: 2.2% (19th highest of 46 states and DC)
Median listing price, Jan 2024: $477,450 (18th highest of 46 states and DC)
Median household income, 2022: $82,174 (15th highest of 46 states and DC)
Population, 2022: 1,018,396

12. North Carolina

Avg. equity gain, Q3 2022 to Q3 2023: +$27,090
Pct. of homeowners who owe more than their home is worth: 1.6% (17th lowest of 46 states and DC)
Median listing price, Jan 2024: $394,950 (24th highest of 46 states and DC)
Median household income, 2022: $67,481 (13th lowest of 46 states and DC)
Population, 2022: 10,698,973

11. Colorado

Avg. equity gain, Q3 2022 to Q3 2023: +$27,195
Pct. of homeowners who owe more than their home is worth: 1.5% (12th lowest of 46 states and DC)
Median listing price, Jan 2024: $585,000 (9th highest of 46 states and DC)
Median household income, 2022: $89,302 (9th highest of 46 states and DC)
Population, 2022: 5,839,926

10. Florida

Avg. equity gain, Q3 2022 to Q3 2023: +$27,914
Pct. of homeowners who owe more than their home is worth: 1.0% (4th lowest of 46 states and DC)
Median listing price, Jan 2024: $459,945 (19th highest of 46 states and DC)
Median household income, 2022: $69,303 (16th lowest of 46 states and DC)
Population, 2022: 22,244,823

9. Wisconsin

Avg. equity gain, Q3 2022 to Q3 2023: +$30,057
Pct. of homeowners who owe more than their home is worth: 2.6% (11th highest of 46 states and DC)
Median listing price, Jan 2024: $359,900 (17th lowest of 46 states and DC)
Median household income, 2022: $70,996 (21st lowest of 46 states and DC)
Population, 2022: 5,892,539

8. Maine

Avg. equity gain, Q3 2022 to Q3 2023: +$33,740
Pct. of homeowners who owe more than their home is worth: 2.3% (16th highest of 46 states and DC)
Median listing price, Jan 2024: $402,475 (23rd highest of 46 states and DC)
Median household income, 2022: $69,543 (17th lowest of 46 states and DC)
Population, 2022: 1,385,340

7. New Jersey

Avg. equity gain, Q3 2022 to Q3 2023: +$40,514
Pct. of homeowners who owe more than their home is worth: 1.6% (16th lowest of 46 states and DC)
Median listing price, Jan 2024: $524,950 (13th highest of 46 states and DC)
Median household income, 2022: $96,346 (2nd highest of 46 states and DC)
Population, 2022: 9,261,699

6. New Hampshire

Avg. equity gain, Q3 2022 to Q3 2023: +$40,729
Pct. of homeowners who owe more than their home is worth: 1.6% (14th lowest of 46 states and DC)
Median listing price, Jan 2024: $554,950 (11th highest of 46 states and DC)
Median household income, 2022: $89,992 (8th highest of 46 states and DC)
Population, 2022: 1,395,231

5. Connecticut

Avg. equity gain, Q3 2022 to Q3 2023: +$41,474
Pct. of homeowners who owe more than their home is worth: 1.8% (21st lowest of 46 states and DC)
Median listing price, Jan 2024: $491,419 (15th highest of 46 states and DC)
Median household income, 2022: $88,429 (11th highest of 46 states and DC)
Population, 2022: 3,626,205

4. Rhode Island

Avg. equity gain, Q3 2022 to Q3 2023: +$42,546
Pct. of homeowners who owe more than their home is worth: 1.2% (7th lowest of 46 states and DC)
Median listing price, Jan 2024: $489,000 (16th highest of 46 states and DC)
Median household income, 2022: $81,854 (16th highest of 46 states and DC)
Population, 2022: 1,093,734

3. Massachusetts

Avg. equity gain, Q3 2022 to Q3 2023: +$44,616
Pct. of homeowners who owe more than their home is worth: 1.1% (5th lowest of 46 states and DC)
Median listing price, Jan 2024: $749,450 (2nd highest of 46 states and DC)
Median household income, 2022: $94,488 (4th highest of 46 states and DC)
Population, 2022: 6,981,974

2. California

Avg. equity gain, Q3 2022 to Q3 2023: +$51,281
Pct. of homeowners who owe more than their home is worth: 0.6% (the lowest of 46 states and DC)
Median listing price, Jan 2024: $713,389 (3rd highest of 46 states and DC)
Median household income, 2022: $91,551 (6th highest of 46 states and DC)
Population, 2022: 39,029,342

1. Hawaii

Avg. equity gain, Q3 2022 to Q3 2023: +$63,559
Pct. of homeowners who owe more than their home is worth: 1.2% (6th lowest of 46 states and DC)
Median listing price, Jan 2024: $851,250 (the highest of 46 states and DC)
Median household income, 2022: $92,458 (5th highest of 46 states and DC)
Population, 2022: 1,440,196

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