By Hank Russell
A recent study from Bankrate in the Empire State held an average home equity of $202,857 this year, making the state 16th in the nation. However, that is half of Hawaii, whose homeowners held a nation-leading $436,850 on average.
In addition, New York’s figure exceeded the national average at $112,430 and is 14.40% higher than last year. That is the seventh-highest increase in the country. West Virginia had the highest year-over-year increase of 27.40% from 2024 to 2025, followed by Kentucky with 19.80%. North Dakota and Kansas each saw an increase of 19.70%, followed by Illinois (17.70%).
New York’s 2025 home equity figure was also a whopping 73.8% more than in 2020, when it was $116,728 (14th in the nation). The average home equity nationwide five years ago was $46,431, according to Bankrate. Rounding out the top five states with the most home equity in 2020 are Hawaii ($269,059), California ($194,353), Massachusetts ($188,143), Washington ($152,642) and Colorado ($147,133).
Home equity nationwide has grown as more homeowners are paying off their mortgages and property values have risen, Bankrate says. Home equity has hit $11.6 trillion, according to a recent report from ICE Mortgage Technologies. According to the report, that is a record high.
“The growth in home equity has been a big boost to many a family’s bottom line, since residential real estate is usually the single largest asset people have,” Bankrate said. “Growth in home equity means bigger profits when selling your home and more flexibility when purchasing a new one.”
ICE Mortgage also found that one-fourth of all homeowners nationwide are considering borrowing money from their home either through a home equity loan of a home equity line of credit (HELOC).
“So, home equity is more than just a number. It’s a significant asset,” Bankrate said. “When it grows, it increases your wealth, becoming a powerful financial tool that can bring you one step closer to achieving plans and goals, or creating a nest egg for the next generation.”