10 States with Highest Home Equity Growth in 2022

While rising home prices and interest rates have presented major challenges for prospective homebuyers, homeowners in many parts of the country are sitting on record-high amounts of equity. In Q1 of 2022 alone, equity jumped 32.2% and national homeowner equity grew $3.8 trillion — with the average homeowner gaining $64,000. While there are a few different factors at play, including those skyrocketing home prices, low inventory, and a surge of renovations and remodels spurred by the pandemic, the end result is a whole lot of equity for a whole lot of people.

Here are the 10 states where homeowners have gained the most equity this year.

California

The average California homeowner has gained $141,000 year over year from the first quarter of 2021. California also has some of the highest home values in the entire country, with a median home price of $799,311 — an 18.5% jump between June 2021 and June 2022.

Read about how California homeowner Elizabeth was able to use a Hometap Investment to pay off her HERO loan and increase her mortgage payments.

Hawaii

Homeowners in Hawaii gained $139,000 in equity on average between 2021 and 2022. Hawaii is also known for its high home values, with the typical price coming in at $901,942. Home prices shot up 22.1% year over year between June 2021 and June 2022.

Washington

In Washington, the average homeowner’s equity grew $114,000 in 2022. The typical home value here is $627,555, a 21.2% increase year over year from June 2021 to June 2022.

Arizona

Arizona homeowners earned an average of $96,000 in equity from Q1 2021 to Q1 2022. And while the typical home value in Arizona — $450,629 — is significantly lower than states like California and Hawaii, prices have surged 26.3% in one year. Arizona homeowner David was able to use his equity to fund an investment property with a Hometap Investment. Read how he did it.

Colorado

Homeowners in Colorado experienced a $92,000 average equity increase this year. Here, the typical home value is $591,189, and prices have surged 21% from June 2021 to June 2022.

Utah

Utah homeowners had the same $92,000 jump in equity as those in Utah did this year. A typical single-family home here costs $577,112 and values have seen a 24.1% annual increase.

Nevada

Homeowners in Nevada gained $91,000 in equity on average year over year. The average home here costs $467,453, a 23.6% increase since June 2021.

Florida

On average, Florida homeowners each earned $90,000 in equity year over year. A typical single-family home in Florida is $397,280 and prices have increased a whopping 34.3% since 2021. Read about how one Florida homeowner used her equity to make some much-needed home repairs and get rid of debt.

Montana

Montana homeowners experienced an average of $77,000 in equity growth in 2022.

The average single family home here costs $448,875 as of June 2022, an increase of 25.6% from the same time last year.

North Carolina

Finally, rounding out the top 10 is North Carolina, where the average homeowner’s equity surged $67,000 between the first quarters of 2021 and 2022. The typical home value here is $320,291 and prices have increased 27.4% in one year.

See how North Carolina homeowner Butch and his wife were able to pay off their credit card debt, make home improvements, and stay in their home with a Hometap Investment.

More than ever, homeowners have the opportunity today to tap into their equity to reach their financial goals — from paying down debt to making much-needed renovations or funding an education.

The more you know about your home equity, the better decisions you can make about what to do with it. Do you know how much equity you have in your home? The Home Equity Dashboard makes it easy to find out.