For the second consecutive year, Unison, the pioneer in residential equity-sharing agreements, has released its Home Equity Report. The 2022 report highlights a steep increase in home equity in the past year, with U.S. households today sitting on over $29 trillion worth of home equity, growing 19.5% from a year ago and 80% from five years ago.
The data in the report shows significant regional variations in home equity values; however, all 50 states saw positive growth in median home equity. While Hawaii and California have the highest median home values, Utah and Delaware have seen the strongest growth. The report features multiple other geo-specific data sets, including the metros with the lowest home equity values and weakest growth.
Home equity tends to increase with the years of homeownership. The report demonstrates that this increase coincides with many homeowners' growing financial needs — healthcare, for example, or home renovations. With the additional nebulousness of the current market, the solution is clear. Winfield Xu, Director of Data Science, comments, "Instead of keeping the wealth locked up in their properties, homeowners may want to examine the roles of their homes as an accessible source of liquidity."
You can read the full 2022 Home Equity Report here.
You can learn more about Unison and apply for an equity-sharing agreement here.
Unison is a San Francisco and Omaha-based company that is pioneering a smarter, better way to own your home. Until now, the only way to finance a home was by taking on debt. Through residential equity-sharing agreements, we help homeowners access their equity flexibly with no monthly payments or interest. We enhance home affordability, reduce debt, and deliver a less risky way for homeowners, investors, and society to think about their most important asset — the home. As of 2022, Unison operates in 30 states and territories, including Washington, D.C., and has proudly helped over 10,000 households, with a combined home value of more than $6.4 billion.
Helene Ton Anderson
VP of Marketing
Press Release Service by Newswire.com
Original Source: U.S. Homeowners Sitting on Enormous Untapped Equity, Residential Equity-Sharing Leader Unison Highlights in 2022 Home Equity Report