The number of mortgaged properties in the U.S. that are equity-rich has soared to 14.5 million – a new high, according to the latest report from ATTOM Data Solutions.
The report shows that 25.7% of the 155 million mortgaged properties it analyzed are equity-rich. This means that these properties have a loan-to-value ratio of 50% or lower, leaving the homeowner with at least a 50% equity stake.
The number of equity rich properties is up by more than 433,000 from last year, and ATTOM said it’s the highest total it has seen since it began collecting this data in 2013.
“As homeowners stay put longer, they continue to build more equity in their homes despite the recent slowing in rates of home price appreciation,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.
“West coast markets along with New York have the highest share of equity-rich homeowners, while markets in the Mississippi Valley and Rust Belt continue to have stubbornly high rates of seriously underwater homeowners when it comes to home equity,” Blomquist added.
The states with the highest share of equity-rich properties have remained consistent, with California taking the lead at 42.5%, followed by Hawaii (39.4%), Washington (35.3%), New York (34.9%) and Oregon (33.6%).
Among the metropolitan statistical areas analyzed, the top three were in California, with San Jose leading the charge at 73.9%, followed by San Francisco at 59.8% and Los Angeles with 47.6%. Seattle and Honolulu were next with 41.2% and 40.8% respectively.
The report also measured the percentage of mortgaged properties across the U.S. that were underwater. The states with the highest share of these were Louisiana, Mississippi, Iowa, Arkansas and Illinois.
View the interactive home equity heat map from ATTOM below to explore home equity hot-spots nationwide.