CoreLogic is a housing and property market data research firm that publishes quarterly home equity data, among other real estate market analytics. Their 2020 Q2 home equity report shows more home equity growth across the country, and Idaho homeowners once again have gained the among most equity in the country.
Here is our Build Idaho’s 2019 home equity recap, where Idaho homeowners saw the highest average equity gains in the nation: $26,000!
Despite the economic slowdowns brought about by the COVID-19 stay-at-home-quarantine orders in Quarter 2 of 2020, home equity around the county saw impressive gains. CoreLogic’s report shows that every homeowner with a mortgage nationally gained an average of $9,800 over Q2 2019. Also, 63% of homeowners have mortgages. Kudos to the 37% with paid-off houses!
Idaho homeowners saw the second-largest home equity gains in the country during this time period with an average gain of $21,000. Montana took the top spot with $29,000 in equity gain. Washington and Arizona tied for third place with $20,000 home equity gains. Since Idaho homeowners are living in their homes for an average of 8 years, it really pays off to own a home!
While not as much as 2019’s $26,000 equity gain for Idaho homeowners, this is an impressive gain considering everything that happened in the first half of 2020. However, the national average gain was almost double 2019’s gains. Last year’s article breaks it down.
Stay tuned for when Q3’s numbers come out. Idaho—specifically the Boise area—is the fastest-growing and hottest real estate market in the United States. If you don’t believe that, check out more of the blogs on this site and Build Idaho’s main site. Idaho is the place to be, but supply shortages are raising home prices quickly. In addition, the large equity gains are motivating homeowners to sell and upgrade. It will be interesting to see the numbers. Stay tuned!