How home equity compares in each state

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

– Share of equity-rich homeowners: 24.5%
– Total equity-rich homeowners: 146,151

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#50. Illinois

– Share of equity-rich homeowners: 26.3%
– Total equity-rich homeowners: 644,018

A historic residential neighborhood in Ketchikan, Alaska.

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#49. Alaska

– Share of equity-rich homeowners: 26.7%
– Total equity-rich homeowners: 33,541

An aerial view of a neighborhood in West Virginia.

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#48. West Virginia

– Share of equity-rich homeowners: 29.3%
– Total equity-rich homeowners: 38,435

A modern residential neighborhood in Bismarck, North Dakota.

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#47. North Dakota

– Share of equity-rich homeowners: 30.9%
– Total equity-rich homeowners: 34,985

Mohamed R. Gohar // Shutterstock

#46. Iowa

– Share of equity-rich homeowners: 31.1%
– Total equity-rich homeowners: 202,924

A vintage car parkerd in front of a wood house in Vicksburg, Mississippi.

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#45. Mississippi

– Share of equity-rich homeowners: 31.5%
– Total equity-rich homeowners: 45,462

A neighborhood of multilevel single family homes in Maryland.

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#44. Maryland

– Share of equity-rich homeowners: 31.5%
– Total equity-rich homeowners: 461,131

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#43. Kansas

– Share of equity-rich homeowners: 34.0%
– Total equity-rich homeowners: 122,784

Residential upscale homes in Brookside, Delaware, as seen from an aerial view.

Felix Mizioznikov // Shutterstock

#42. Delaware

– Share of equity-rich homeowners: 34.2%
– Total equity-rich homeowners: 76,696

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#41. Oklahoma

– Share of equity-rich homeowners: 34.6%
– Total equity-rich homeowners: 214,292

A neighborhood in Richmond, Virginia, during early spring.

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#40. Virginia

– Share of equity-rich homeowners: 34.9%
– Total equity-rich homeowners: 603,296

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#39. Connecticut

– Share of equity-rich homeowners: 35.5%
– Total equity-rich homeowners: 293,288

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#38. Wyoming

– Share of equity-rich homeowners: 35.7%
– Total equity-rich homeowners: 33,039

Townhouses in Logan Circle, Washington D.C.

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#36. Washington DC

– Share of equity-rich homeowners: 36.6%
– Total equity-rich homeowners: 39,577

A residential neighborhood in Bentonville, Arkansas.

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#37. Arkansas

– Share of equity-rich homeowners: 36.6%
– Total equity-rich homeowners: 155,525

A house in a suburban neighborhood of Cleveland.

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#35. Ohio

– Share of equity-rich homeowners: 37.6%
– Total equity-rich homeowners: 859,318

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#34. Missouri

– Share of equity-rich homeowners: 38.1%
– Total equity-rich homeowners: 409,025

An Alabama HOA Neighborhood during sunset.

M.S. Maklidrone // Shutterstock

#33. Alabama

– Share of equity-rich homeowners: 38.2%
– Total equity-rich homeowners: 248,445

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#32. Kentucky

– Share of equity-rich homeowners: 38.4%
– Total equity-rich homeowners: 238,027

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#31. Pennsylvania

– Share of equity-rich homeowners: 38.7%
– Total equity-rich homeowners: 977,695

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#30. Minnesota

– Share of equity-rich homeowners: 39.1%
– Total equity-rich homeowners: 413,576

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#29. New Jersey

– Share of equity-rich homeowners: 40.2%
– Total equity-rich homeowners: 742,225

A luxury ranch-style home in Omaha, Nebraska.

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#28. Nebraska

– Share of equity-rich homeowners: 40.9%
– Total equity-rich homeowners: 143,265

A modern home in Sioux Falls, South Dakota.

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#27. South Dakota

– Share of equity-rich homeowners: 41.8%
– Total equity-rich homeowners: 20,200

A residential neighborhood in Bayview, Wisconsin.

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#26. Wisconsin

– Share of equity-rich homeowners: 42.4%
– Total equity-rich homeowners: 452,784

A row of homes in East Lansing, Michigan.

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#25. Michigan

– Share of equity-rich homeowners: 44.0%
– Total equity-rich homeowners: 814,323

A new construction, two-story home in Carmel, Indiana.

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#24. Indiana

– Share of equity-rich homeowners: 46.2%
– Total equity-rich homeowners: 527,123

A residential neighborhood in Albuquerque, New Mexico.

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#23. New Mexico

– Share of equity-rich homeowners: 46.3%
– Total equity-rich homeowners: 150,080

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#22. New York

– Share of equity-rich homeowners: 48.2%
– Total equity-rich homeowners: 1,090,860

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#21. South Carolina

– Share of equity-rich homeowners: 48.8%
– Total equity-rich homeowners: 431,314

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#20. Georgia

– Share of equity-rich homeowners: 50.7%
– Total equity-rich homeowners: 959,655

A country home in Montana during winter.

Jim Cumming // Shutterstock

#19. Montana

– Share of equity-rich homeowners: 51.5%
– Total equity-rich homeowners: 53,671

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#18. Rhode Island

– Share of equity-rich homeowners: 53.4%
– Total equity-rich homeowners: 122,706

A neighborhood in Indian Trail, North Carolina.

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#17. North Carolina

– Share of equity-rich homeowners: 54.0%
– Total equity-rich homeowners: 995,545

A residential neighborhood in Massachusetts.

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#16. Massachusetts

– Share of equity-rich homeowners: 54.3%
– Total equity-rich homeowners: 838,201

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#15. Oregon

– Share of equity-rich homeowners: 55.0%
– Total equity-rich homeowners: 417,557

A neighborhood in Portsmouth, New Hampshire.

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#14. New Hampshire

– Share of equity-rich homeowners: 55.1%
– Total equity-rich homeowners: 157,349

A residential neighborhood in Colorado during autumn.

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#13. Colorado

– Share of equity-rich homeowners: 55.4%
– Total equity-rich homeowners: 739,926

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#12. Nevada

– Share of equity-rich homeowners: 55.8%
– Total equity-rich homeowners: 348,239

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#11. Texas

– Share of equity-rich homeowners: 56.1%
– Total equity-rich homeowners: 2,507,257

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#10. Tennessee

– Share of equity-rich homeowners: 57.1%
– Total equity-rich homeowners: 748,126

A residential neighborhood block in Portland, Maine.

Noel V. Baebler // Shutterstock

#9. Maine

– Share of equity-rich homeowners: 57.5%
– Total equity-rich homeowners: 153,431

A home in Kauai, Hawaii, with a double rainbow above it.

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#8. Hawaii

– Share of equity-rich homeowners: 59.0%
– Total equity-rich homeowners: 153,703

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#7. California

– Share of equity-rich homeowners: 60.6%
– Total equity-rich homeowners: 4,015,264

An aerial view of neighborhood in Seattle.

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#6. Washington

– Share of equity-rich homeowners: 61.0%
– Total equity-rich homeowners: 998,944

Homes in Highland, Utah, in a premium neighborhood with mountain and sky views.

Jason Finn // Shutterstock

#5. Utah

– Share of equity-rich homeowners: 62.0%
– Total equity-rich homeowners: 385,344

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#4. Florida

– Share of equity-rich homeowners: 62.8%
– Total equity-rich homeowners: 2,709,062

A suburban housing development in Scottsdale, Arizona.

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#3. Arizona

– Share of equity-rich homeowners: 63.4%
– Total equity-rich homeowners: 926,115

An Idaho subdivision as viewed from above.

Charles Knowles // Shutterstock

#2. Idaho

– Share of equity-rich homeowners: 65.8%
– Total equity-rich homeowners: 244,597

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#1. 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.

This story was written by Stacker and has been re-published pursuant to a CC BY-NC 4.0 License.

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