One in four properties nationwide are “equity rich," according to a new report released by real estate data firm ATTOM Data Solutions. To be considered as such, homeowners with financing must currently hold a mortgage that is 50 percent or less of the property’s estimated market value. As home prices keep setting records, the number of homeowners with equity in their homes is growing. More than 13.6 million properties were considered “equity rich” in the second quarter, according to the report.
The states with the highest share of equity rich properties in the second quarter were:
California: 43.5 percent
Hawaii: 38.3 percent
Washington: 34.5 percent
New York: 33.2 percent
Oregon: 32.8 percent
The cities with the highest share of equity rich properties were: