Le Lézard
Classified in: Business
Subjects: SVY, ECO

U.S. Homeowners Sitting on Record Equity, Home Co-Investing Leader Unison Finds


SAN FRANCISCO, Sept. 23, 2021 /PRNewswire/ -- With U.S. home prices surging at the fastest pace in four decades, homeowners are sitting on a record $22.7 trillion of home equity, $2.7 trillion of that gained in the last year alone, according to a new study by Unison, the leader in home co-investments. While it may not be a shock to see that high-priced states like Hawaii and California top the list, some of the year-over-year winners may surprise you.

"We're seeing an unprecedented bifurcation of the market," Thomas Sponholtz, CEO and Chairman of Unison said. "With incredibly strong demand for homes and housing supply significantly below the historical average, many buyers are paying a premium above the listing price - if they're able to find homes at all. Meanwhile, homeowners are participating in one of the biggest wealth-building moments we've seen in residential real estate. The record levels of tappable equity they're accumulating give them a lot of options, whether they're eyeing retirement or renovation."

Home equity values vary significantly across the country. The highest median home equity values, in Hawaii, DC and California, are more than quadruple those of typical homes found in states such as Illinois, Ohio and Oklahoma1.

Reflecting a long run of home price appreciation, California claims five of the ten metropolitan statistical areas (MSA) with the most accumulated home equity out of the nation's largest MSAs: San Jose-Sunnyvale-Santa Clara; San Francisco-Oakland-Berkeley; Los Angeles-Long Beach-Anaheim; San Diego-Chula Vista-Carlsbad; and Sacramento-Roseville-Folsom.

Metropolitan Statistical Area

Median Home Equity Value

Median Home Value

San Jose-Sunnyvale-Santa Clara, CA

$950,271

$1,327,615

San Francisco-Oakland-Berkeley, CA

$681,471

$1,045,503

Los Angeles-Long Beach-Anaheim, CA

$475,135

$744,447

San Diego-Chula Vista-Carlsbad, CA

$403,711

$677,887

Seattle-Tacoma-Bellevue, WA

$337,919

$586,495

Boston-Cambridge-Newton, MA-NH

$316,927

$541,951

New York-Newark-Jersey City, NY-NJ-PA

$284,671

$501,503

Sacramento-Roseville-Folsom, CA

$270,847

$478,719

Denver-Aurora-Lakewood, CO

$266,239

$487,900

Portland-Vancouver-Hillsboro, OR-WA

$258,815

$456,900

Austin-Round Rock-Georgetown, TX

$244,479

$395,519

Salt Lake City, UT

$233,087

$419,839

Riverside-San Bernardino-Ontario, CA

$227,199

$432,895

Washington-Arlington-Alexandria, DC-VA-MD-WV

$208,383

$467,967

Providence-Warwick, RI-MA

$199,423

$348,159

Phoenix-Mesa-Chandler, AZ

$188,671

$336,895

Las Vegas-Henderson-Paradise, NV

$188,671

$339,900

Minneapolis-St. Paul-Bloomington, MN-WI

$184,831

$319,000

Miami-Fort Lauderdale-Pompano Beach, FL

$180,223

$317,439

Nashville-Davidson-Murfreesboro-Franklin, TN

$180,223

$312,319

As of July 2021, the San Jose metropolitan area, home of Silicon Valley, boasts a whopping $950,000 median home equity value and a median home value of $1.33 million. The San Francisco metropolitan area, known for its high-tech fanfare and being the second largest financial center in the U.S., enjoys a $681,000 median home equity value and a median home value of $1.05 million2.

Looking at year-over-year growth, as of July 2021, 49 of the 50 largest metros recorded an increase in median home equity values of over 10% from the previous year, with the exception of the Louisville/Jefferson County metro in Kentucky, which grew 9.7%. Homeowners across all these metros possess more home equity than ever before.

First among large metros, the Phoenix metro area experienced an unparalleled 28.7% year-over-year leap in median home equity, with a value increase of $42,000. Columbus, Cleveland, and Virginia Beach followed, all with increases in home equity of over 25%, though the value increases were smaller: approximately $24K, $17K, and $20K, respectively.

Metropolitan Statistical Area

Percentage Change in Median Home
Equity

Value Change in Median Home
Equity

Phoenix-Mesa-Chandler, AZ

28.7%

$42,112

Columbus, OH

26.9%

$24,448

Cleveland-Elyria, OH

25.1%

$17,216

Virginia Beach-Norfolk-Newport News, VA-NC

25.0%

$20,480

Cincinnati, OH-KY-IN

24.4%

$19,904

Sacramento-Roseville-Folsom, CA

23.9%

$52,224

Atlanta-Sandy Springs-Alpharetta, GA

23.5%

$27,392

Charlotte-Concord-Gastonia, NC-SC

23.5%

$27,072

Austin-Round Rock-Georgetown, TX

23.5%

$46,464

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

23.5%

$23,424

Salt Lake City, UT

23.4%

$44,160

Washington-Arlington-Alexandria, DC-VA-MD-WV

23.0%

$38,912

Memphis, TN-MS-AR

22.9%

$15,936

Jacksonville, FL

22.5%

$24,768

Kansas City, MO-KS

22.0%

$20,864

Outside the largest metropolitan areas, the spectrum varies further in terms of home equity changes3. The California-Lexington Park metropolitan area in Maryland saw the highest home equity increase in the nation, jumping 58% from a year ago.

Metropolitan Statistical Area

Percentage Change in Median Home
Equity

Value Change in Median Home
Equity

California-Lexington Park, MD

58.1%

$34,816

East Stroudsburg, PA

50.2%

$37,264

Fayetteville, NC

47.1%

$12,864

Idaho Falls, ID

43.7%

$53,504

Pocatello, ID

41.4%

$39,567

Jacksonville, NC

40.5%

$15,360

Twin Falls, ID

40.2%

$50,703

Boise City, ID

40.0%

$78,592

Pueblo, CO

38.4%

$37,844

Jackson, WY-ID

37.8%

$289,792

While many metropolitan areas have seen increased home equity values over the past year, smaller metros have not all enjoyed the same frenzy. Jacksonville, IL has seen a 19.5% drop in median home equity, or a value decrease of $15,000.

Metropolitan Statistical Area

Percentage Change in Median Home
Equity

Value Change in Median Home Equity

Jacksonville, IL

-19.5%

-$15,000.00

Vernon, TX

-12.8%

-$10,100.00

Macomb, IL

-8.6%

-$7,100.00

Salina, KS

-8.0%

-$10,300.00

Blytheville, AR

-7.3%

-$6,800.00

Rochester, MN

-6.3%

-$14,500.00

Pontiac, IL

-6.3%

-$6,200.00

Kearney, NE

-6.0%

-$11,400.00

Paducah, KY-IL

-5.6%

-$6,705.00

Brookings, SD

-5.5%

-$12,279.00

The full report can be seen here.

About Unison
Unison is a San Francisco-based company that is pioneering a smarter, better way to own your home. Until now, the only way to finance a home was by taking on debt. Through home co-investments, we help homeowners access their equity flexibly with no monthly payments or interest. We enhance home affordability, reduce debt, and deliver a less risky way for homeowners, investors, and society to think about their most important asset - the home. For additional information, visit www.unison.com or follow us on Facebook, Instagram, LinkedIn, Twitter and YouTube.

1 All home equity values in this report are estimated based on data from CoreLogic
2 Median home values are based on automated valuation model (AVM) values from CoreLogic.
3 Based on CoreLogic data for metropolitan statistical areas with consistent property counts from July 2020 to July 2021.

 

SOURCE Unison Homeownership Investors


These press releases may also interest you

at 16:35
Discover Financial Services plans to report its First quarter 2024 results after the market closes on Wednesday, April 17, 2024. The earnings release will be available through Discover's Investor Relations website at...

at 16:35
On Monday, April 29, 2024 at approximately 8:30 a.m. Eastern Time, Franklin Resources, Inc. (the "Company") [NYSE:BEN] will release its second quarter operating results. A written commentary on the results will also be available via...

at 16:35
Travel + Leisure Co. announced today it will release first quarter 2024 financial results on Wednesday, April 24, 2024, before the market opens, followed by a conference call at 8:00 a.m. EDT. Michael D. Brown, President and CEO, and Mike Hug, CFO,...

at 16:35
Aptiv PLC , will release its first quarter 2024 financial results on May 2, 2024 and will hold an investor call the same day at 8:00 a.m. EDT. The call will be hosted by Aptiv's Chairman and Chief Executive Officer, Kevin Clark, and Chief Financial...

at 16:35
PROBE GOLD INC.  ("Probe" or the "Company") is very pleased to announce the appointment of Shannon McCrae to its board of directors, effective immediately. Ms. Shannon McCrae is a seasoned professional geologist and executive with more than 25...

at 16:32
The wishes that Make-A-Wish grants wouldn't be possible without the support of countless "WishMakers" such as donors, volunteers, corporate partners, community advocates and more. "WishMakers" ? a term for anyone who steps up to take action...



News published on and distributed by: