Map Reveals Where Homeowners Made the Biggest Gains in 10 Years
Summary
A study by the National Association of Realtors shows that U.S. homeowners gained significant wealth through home equity over the past ten years. Coastal metropolitan areas, especially in California, saw the biggest increases, while older generations hold most homeownership, benefiting the most from rising home values.Key Facts
- Homeowners gained home equity worth about three years of their income nationally over the last decade.
- California has four metro areas among the top ten for home equity gains in the country.
- San Jose, CA, leads with home equity gains of $1,163,300, equal to 7.3 years of household income.
- Other top metro areas include Los Angeles, Barnstable (MA), Honolulu, San Diego, Miami, San Francisco, New York, Naples (FL), and Reno (NV).
- Baby boomers (age 62-80) have the highest homeownership rate at 79.9%, much higher than millennials (55.4%) and Gen Z (27.1%).
- Older generations benefitted from lower home prices in the past and have built significant equity.
- Americans aged 61-79 are now the largest group of home buyers and sellers in the U.S. housing market.
- Rising home prices and costs have made it harder for younger Americans to buy homes.
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