Idaho Homes Not Worth Much More Than A Year Ago

Many people invest their money in property ownership. For those of us without the discretionary funds to buy strip malls and apartment complexes, property ownership relates to our own homes.

What is Home Equity Gain?

Equity is the difference between your home’s worth versus how much you owe the bank. The idea is that a home will be worth more when you intend to sell than when you purchased it. If you buy a home at $400,000 and owe $350,000, there is $50,000 in equity. If the value of the home has risen to $500,000, the magical money fairy has bestowed upon you another $100,000 in equity - a gain.

How Do Idaho Borrowers Rank in Equity Gain in the Past Year?

The housing market can be very fickle. The strange trends in one city do not correlate to other cities within the same state, much less from state to state across the country. Homeowners seeing a big equity gain have opportunities to borrow against that equity for home improvements, or sell their home and buy in a state with lower housing costs.

Idaho had the 3rd lowest equity gain per borrower over the past year. With only a $4,000 average gain, the only states scoring lower were New Mexico with a $3,000 gain, and Texas - the only state to lose $6,000 in equity. The gain is important to homeowners who may owe the banks more than the home was originally valued.

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This kind of data could mean that homeowners considering selling will be more inclined to do so. It could also mean residents in the states with the most gain will work on home improvements with money borrowed against the equity, or buy a second home in a state with lower housing costs. Maybe a home in a state with $4,000 equity gain over 1 year.

I get homesick every month...when the mortgage is due!