Home prices are on the rise in nearly every state in the United States, and Idaho is no exception. Since home prices in Idaho have risen as more people move here, homeowner equity rises with it. If you own a home in Idaho, you’ll be excited to see how much equity you’ve gained. 

Home equity is the amount of your home’s value you own compared to the value of the loan you are paying on the house. This article gives a breakdown of how equity works. In a home equity study by ATTOM Data Solutions, 26.7% of the 54.5 million homes across the country have at least 50% equity in their homes. According to the US Census Bureau, 38% of homeowners are mortgage-free. Congratulations to them!

The more of your mortgage you pay off, the more of your home's value you own. On top of that, as you simply live in your home as home prices rise across your state and the country as a whole, you gain free equity. In fact, the average homeowner gained $5,300 in equity in 2019, according to CoreLogic.

In Idaho—one of the fastest-growing states in the nation, as well as a desirable place to live— homeowners saw an average equity gain of $26,000 in 2019. That’s the largest in the United States. When you compare that to the national average of $5,300, the difference is clear: Idaho is the place to be!

If you want to move to the Boise area give Build Idaho’s team of local experts a call at 208.629.0217 to find your next home. We helped over 300 families find a new home last year, and are ready to help you today.