2021 BOISE IDAHO REAL ESTATE BLOG
Once Again, Idaho Leads the Country in Home Equity Gains Main Treasure Valley Life

At this point, everybody knows that home values have gone up across the country, especially in Idaho. And once again, Idaho leads the country with the largest year-over-year home equity gains thanks to these rising home values.

According to the real estate data company, CoreLogic’s most recent Homeowner Equity Insights Report, record home equity growth is continuing across the county—especially in the west, with Idaho sitting at the top once again. Here are the 10 states with the most average home equity gain in the country.

  1. Idaho - $71k
  2. California - $70k
  3. Washington - $66k
  4. Hawai’i - 55K
  5. Utah - $53k
  6. Rhode Island - $52k
  7. Arizona - $51K
  8. Montana - 50k
  9. New Hampshire & Massachusetts (Tie) - $49k
  10. Conneticut - $48k

According to the report, the average equity gain for the entire United States is $33,400, which would rank it 13th between New Jersey ($43k) and Delaware ($33k).

How does Idaho rank so high? Aside from not having massive, densely populated cities like Seattle, Portland, the Los Angeles area, and the Bay Area, people have been drawn to Idaho and the western US because of all of the awesome things to do and the lower cost of living compared to these massive population centers. Other draws are for political reasons, being closer to family, and wanting to spend more time doing fun things instead of sitting in commute traffic.

Overall, nationwide homeowner equity increased to over $1.9 trillion, up 19.6% from May 2020 to May 2021. These numbers are actually fairly reliable considering that by May of 2020, the housing market was beginning its breakneck acceleration to where we stand now. As opposed to comparing the numbers from Q1 2020 to Q1 2021 because businesses, political leaders, and the entire real estate industry were uncertain as COVID-19 spread, and then brought to a near standstill in March as lockdowns were initiated.

Here are previous home equity updates we posted from previous months so you can see how Idaho has consistently been at or near the top of the home equity gain leaderboard, despite the pandemic:

May 2020

October 2020

 
Posted by AndrewS at 7/1/2021 2:38:00 AM
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