Soaring prices and increasingly strained affordability have made things difficult for prospective buyers shopping for their first home. But for households that own their home already, rising prices have been a wealth bonanza.

That’s evident in data from the annual State of the Nation’s Housing Report from Harvard University’s Joint Center for Housing Studies (JCHS), which shows that aggregate U.S. home equity hit an all-time high of $34.5 trillion in 2024. That’s more than triple the $11.4 trillion that had accumulated in 2012.

Along with the rise in equity, total mortgage debt has actually fallen by a marginal amount — from details ⇒

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