Home equity surpasses $34 trillion, study finds

With home prices climbing and mortgage rates keeping owners locked in place, Americans are sitting on a record $34.5 trillion in home equity and lenders are eager to cash in.  

The $34.5T in equity marks a $600 billion increase from last year. The total equity Americans have in their homes is up $4.7 trillion from the first quarter 2023, a 15.7% increase.

Matt Schulz, chief consumer finance analyst at Lendingtree, attributed the increase to a combination of rising home prices and high interest rates that have kept many homeowners from moving.

“The longer they stay in their home, the more of their mortgage they pay off,” Schulz said. “Combine that with increasing home prices and you get significantly higher home equity. That’s a big deal for homeowners.”

The average home equity loan was…