What is the Current Percentage of Mortgaged Residential Properties that are Equity-Rich in the U.S.?
In the fourth quarter of 2025, homeowner equity across the U.S. continued to soften compared to both the prior quarter and the same period last year.
Percentage of Equity-Rich Properties: 44.6% of mortgaged residential properties were considered equity-rich, meaning homeowners owed no more than half of their property’s estimated market value.
Quarter-over-quarter change: down from 46.1% in Q3 2025
Year-over-year change: down from 47.7% in Q4 2024
The states with the highest shares of equity-rich homes in the fourth quarter were Vermont, New Hampshire, Rhode Island, Maine, Montana.
What’s Driving Q4 2025 Home Equity Trends?
Equity-rich levels remain high historically, but the national share has slipped as home-price growth has moderated and borrowing costs remain elevated. That combination can reduce the pace of equity accumulation, especially in markets that saw the steepest run-ups earlier in the decade. Tight inventory and still-strong home values have helped many homeowners retain substantial equity cushions.
Percentage of Equity-Rich Homes by State – Q4 2025
Below is the complete state-by-state ranking for the fourth quarter of 2025, listing each state’s share of equity-rich properties and the top three counties leading in percentage of equity-rich properties.
1. Vermont
87.0% equity-rich, up from 86.8% last quarter and up from 86.7% last year
Counties: Chittenden, Washington, Addison
2. New Hampshire
60.2% equity-rich, down from 61.4% last quarter and down from 61.4% last year
Counties: Carroll, Grafton, Belknap
3. Rhode Island
59.4% equity-rich, down from 59.8% last quarter and down from 60.8% last year
Counties: Newport, Washington, Bristol
4. Maine
58.1% equity-rich, down from 58.6% last quarter and down from 61.1% last year
Counties: Lincoln, Hancock, Knox
5. Montana
57.3% equity-rich, down from 57.8% last quarter and down from 60.1% last year
Counties: Flathead, Missoula, Gallatin
6. New York
55.4% equity-rich, down from 57.0% last quarter and up from 54.9% last year
Counties: Yates, Columbia, Nassau
7. Massachusetts
55.3% equity-rich, down from 56.4% last quarter and down from 56.5% last year
Counties: Nantucket, Dukes, Barnstable
8. Hawaii
54.3% equity-rich, down from 55.2% last quarter and down from 58.4% last year
Counties: Kauai, Maui, Hawaii
9. California
53.3% equity-rich, down from 53.8% last quarter and down from 57.7% last year
Counties: Santa Clara, Orange, Santa Barbara
10. Idaho
53.0% equity-rich, down from 54.4% last quarter and down from 56.1% last year
Counties: Blaine, Bonner, Fremont
11. South Dakota
52.8% equity-rich, up from 52.6% last quarter and up from 52.3% last year
Counties: Brown, Pennington, Meade
12. New Jersey
52.6% equity-rich, down from 53.8% last quarter and up from 52.3% last year
Counties: Cape May, Monmouth, Ocean
13. Wisconsin
50.4% equity-rich, down from 50.8% last quarter and down from 51.1% last year
Counties: Portage, Sawyer, Oconto
14. Utah
48.5% equity-rich, down from 49.7% last quarter and down from 51.1% last year
Counties: Summit, Wasatch, Carbon
15. Washington
48.0% equity-rich, down from 50.2% last quarter and down from 52.9% last year
Counties: San Juan, Jefferson, Skagit
16. Michigan
47.7% equity-rich, down from 50.3% last quarter and down from 48.5% last year
Counties: Benzie, Manistee, Marquette
17. Tennessee
47.6% equity-rich, down from 48.7% last quarter and down from 52.0% last year
Counties: Union, Johnson, Jefferson
18. Oregon
45.6% equity-rich, down from 46.6% last quarter and down from 49.6% last year
Counties: Hood River, Curry, Benton
19. Arizona
45.4% equity-rich, up from 44.5% last quarter and down from 50.9% last year
Counties: Santa Cruz, Coconino, Navajo
20. Indiana
45.3% equity-rich, down from 46.1% last quarter and down from 47.2% last year
Counties: Whitley, Lagrange, Daviess
21. Wyoming
44.8% equity-rich, down from 45.7% last quarter and down from 45.0% last year
Counties: Lincoln, Teton, Park
22. Texas
44.7% equity-rich, down from 47.6% last quarter and down from 49.7% last year
Counties: Gillespie, Llano, Dallas
23. North Carolina
44.1% equity-rich, down from 45.8% last quarter and down from 49.6% last year
Counties: Clay, Transylvania, Watauga
24. Pennsylvania
44.0% equity-rich, down from 44.9% last quarter and down from 44.8% last year
Counties: Mifflin, Wyoming, Wayne
25. New Mexico
44.0% equity-rich, down from 45.9% last quarter and down from 49.6% last year
Counties: Colfax, Santa Fe, Taos
26. Florida
43.9% equity-rich, down from 46.0% last quarter and down from 50.9% last year
Counties: Monroe, Okeechobee, Franklin
27. Ohio
42.2% equity-rich, down from 44.3% last quarter and down from 43.4% last year
Counties: Muskingum, Ashland, Holmes
28. Colorado
42.2% equity-rich, down from 43.0% last quarter and down from 47.2% last year
Counties: Pitkin, Eagle, San Miguel
29. Missouri
42.0% equity-rich, down from 43.9% last quarter and down from 43.0% last year
Counties: Perry, Audrain, Mcdonald
30. Nevada
41.5% equity-rich, down from 41.6% last quarter and down from 45.9% last year
Counties: Douglas, Washoe, Carson City
31. South Carolina
40.9% equity-rich, down from 43.6% last quarter and down from 46.7% last year
Counties: Newberry, Charleston, Beaufort
32. Delaware
40.5% equity-rich, up from 40.1% last quarter and down from 42.0% last year
Counties: Sussex, New Castle, Kent
33. Kansas
40.1% equity-rich, down from 41.9% last quarter and down from 41.9% last year
Counties: Lyon, Crawford, Riley
34. Georgia
39.9% equity-rich, down from 41.8% last quarter and down from 45.0% last year
Counties: Union, Greene, Putnam
35. Nebraska
39.1% equity-rich, down from 40.6% last quarter and down from 40.4% last year
Counties: Dakota, Otoe, Dawson
36. Alabama
38.6% equity-rich, down from 39.8% last quarter and down from 39.7% last year
Counties: Tallapoosa, Jackson, Etowah
37. Mississippi
38.4% equity-rich, down from 40.8% last quarter and down from 39.8% last year
Counties: Oktibbeha, Pearl River, Alcorn
38. Arkansas
37.5% equity-rich, down from 38.6% last quarter and down from 38.8% last year
Counties: Van Buren, Carroll, Polk
39. Virginia
37.0% equity-rich, down from 38.3% last quarter and down from 38.8% last year
Counties: Powhatan, Page, Patrick
40. Minnesota
37.0% equity-rich, down from 38.6% last quarter and down from 37.9% last year
Counties: Le Sueur, Chisago, Freeborn
41. West Virginia
35.5% equity-rich, down from 38.4% last quarter and down from 36.2% last year
Counties: Raleigh, Morgan, Hancock
42. Oklahoma
34.5% equity-rich, up from 33.7% last quarter and down from 34.6% last year
Counties: Delaware, Ottawa, Okmulgee
43. Illinois
33.7% equity-rich, down from 35.8% last quarter and up from 33.0% last year
Counties: Jo Daviess, Woodford, Carroll
44. North Dakota
33.7% equity-rich, up from 32.6% last quarter and up from 32.4% last year
Counties: Richland, Stutsman, Morton
45. Alaska
33.5% equity-rich, down from 34.3% last quarter and up from 31.5% last year
Counties: Kenai Peninsula, Ketchikan Gateway, Juneau
46. Iowa
32.9% equity-rich, down from 34.5% last quarter and down from 35.1% last year
Counties: Dickinson, Crawford, Allamakee
47. Kentucky
32.1% equity-rich, down from 39.2% last quarter and down from 38.5% last year
Counties: Daviess, Barren, Nelson
48. Maryland
28.4% equity-rich, down from 29.1% last quarter and down from 32.6% last year
Counties: Talbot, Garrett, Worcester
49. Louisiana
20.1% equity-rich, up from 18.6% last quarter and down from 22.4% last year
Counties: Sabine, Washington, Saint Martin
Conclusion
In the fourth quarter of 2025, 44.6% of mortgaged residential properties nationwide were equity-rich, down from the prior quarter and down from a year earlier. While the share has eased, homeowner equity positions remain strong in many markets. As the market continues to normalize, changes in affordability, mortgage-rate levels, and home-price momentum will remain key indicators for tracking where equity strength is holding firm and where it is cooling fastest.
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