Homeownership is a crucial financial aspect that often goes overlooked. It contributes to wealth through home equity, defined as the difference between a property's market value and mortgage remaining. Many homeowners have experienced substantial equity growth due to significant price appreciationâ57% in the last five years aloneâand longer home ownership durations, with the average stay now around ten years. As a result, the average homeowner holds approximately $311,000 in equity.
According to the Federal Housing Finance Agency, home prices have jumped by more than 57% nationwide over the last five years, indicating substantial growth in home equity.
Most homeowners are currently sitting on significant equity; the average homeowner with a mortgage has about $311,000 in equity, showcasing remarkable wealth accumulation.
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