What is the Current Percentage of Mortgaged Residential Properties that are Equity-Rich in the U.S.?
In the first quarter of 2026, 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: 43.3% 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 44.6% in Q4 2025
Year-over-year change: down from 46.2% in Q1 2025
The states with the highest shares of equity-rich homes in the first quarter were Vermont, New Hampshire, Montana, Rhode Island, Hawaii.
What’s Driving Q1 2026 Home Equity Trends?
Equity-rich levels continued to ease nationally in the first quarter of 2026, with the U.S. share moving to 43.3% from 44.6% in the prior quarter and 46.2% a year earlier. The state rankings show continued strength in several high-equity markets, led by Vermont and New Hampshire, but the broader data point to a cooling trend as more states posted lower equity-rich shares than in the prior quarter and year-earlier period.
Percentage of Equity-Rich Homes by State – Q1 2026
Below is the complete state-by-state ranking for the first quarter of 2026, listing each state’s share of equity-rich properties and the top three counties leading in percentage of equity-rich properties.
1. Vermont
85.7% equity-rich, down from 87.0% last quarter and down from 85.8% last year
Counties: Chittenden, Washington, Addison
2. New Hampshire
58.1% equity-rich, down from 60.2% last quarter and down from 60.5% last year
Counties: Carroll, Grafton, Belknap
3. Montana
57.7% equity-rich, up from 57.3% last quarter and down from 59.4% last year
Counties: Flathead, Missoula, Gallatin
4. Rhode Island
57.2% equity-rich, down from 59.4% last quarter and down from 59.8% last year
Counties: Newport, Washington, Bristol
5. Hawaii
55.8% equity-rich, up from 54.3% last quarter and down from 58.4% last year
Counties: Kauai, Hawaii, Maui
6. Maine
55.3% equity-rich, down from 58.1% last quarter and down from 58.9% last year
Counties: Lincoln, Knox, Cumberland
7. New York
54.4% equity-rich, down from 55.4% last quarter and up from 54.1% last year
Counties: Yates, Columbia, Nassau
8. Massachusetts
53.2% equity-rich, down from 55.3% last quarter and down from 55.9% last year
Counties: Nantucket, Dukes, Barnstable
9. California
52.9% equity-rich, down from 53.3% last quarter and down from 57.4% last year
Counties: Santa Clara, Orange, Mono
10. South Dakota
52.4% equity-rich, down from 52.8% last quarter and up from 51.3% last year
Counties: Brown, Pennington, Meade
11. New Jersey
52.0% equity-rich, down from 52.6% last quarter and down from 52.1% last year
Counties: Cape May, Monmouth, Atlantic
12. Idaho
51.6% equity-rich, down from 53.0% last quarter and down from 55.5% last year
Counties: Blaine, Idaho, Fremont
13. Wisconsin
49.5% equity-rich, down from 50.4% last quarter and up from 49.3% last year
Counties: Portage, Sawyer, Oconto
14. Utah
48.7% equity-rich, up from 48.5% last quarter and down from 50.7% last year
Counties: Summit, Wasatch, Carbon
15. Washington
47.8% equity-rich, down from 48.0% last quarter and down from 51.3% last year
Counties: San Juan, Jefferson, Okanogan
16. Michigan
45.6% equity-rich, down from 47.7% last quarter and down from 45.7% last year
Counties: Benzie, Manistee, Marquette
17. Tennessee
45.0% equity-rich, down from 47.6% last quarter and down from 49.4% last year
Counties: Johnson, Union, Jefferson
18. Oregon
44.3% equity-rich, down from 45.6% last quarter and down from 48.8% last year
Counties: Hood River, Curry, Lincoln
19. Wyoming
44.3% equity-rich, down from 44.8% last quarter and down from 45.4% last year
Counties: Lincoln, Teton, Park
20. Arizona
44.2% equity-rich, down from 45.4% last quarter and down from 49.8% last year
Counties: Coconino, Santa Cruz, Navajo
21. Florida
43.2% equity-rich, down from 43.9% last quarter and down from 49.3% last year
Counties: Monroe, Collier, Hardee
22. Texas
42.5% equity-rich, down from 44.7% last quarter and down from 47.4% last year
Counties: Gillespie, Llano, Dallas
23. North Carolina
42.1% equity-rich, down from 44.1% last quarter and down from 47.2% last year
Counties: Clay, Ashe, Transylvania
24. Indiana
42.0% equity-rich, down from 45.3% last quarter and down from 44.6% last year
Counties: Daviess, Whitley, Lagrange
25. New Mexico
41.9% equity-rich, down from 44.0% last quarter and down from 43.7% last year
Counties: Santa Fe, Taos, Colfax
26. Pennsylvania
41.9% equity-rich, down from 44.0% last quarter and down from 42.7% last year
Counties: Elk, Mifflin, Wyoming
27. Missouri
40.5% equity-rich, down from 42.0% last quarter and down from 41.2% last year
Counties: Audrain, Perry, Mcdonald
28. Colorado
40.5% equity-rich, down from 42.2% last quarter and down from 45.8% last year
Counties: Pitkin, Routt, Eagle
29. Ohio
40.5% equity-rich, down from 42.2% last quarter and down from 40.9% last year
Counties: Ashland, Holmes, Morrow
30. Nevada
39.9% equity-rich, down from 41.5% last quarter and down from 44.5% last year
Counties: Douglas, Carson City, Washoe
31. Georgia
39.2% equity-rich, down from 39.9% last quarter and down from 43.4% last year
Counties: Union, Elbert, Greene
32. South Carolina
39.0% equity-rich, down from 40.9% last quarter and down from 40.3% last year
Counties: Newberry, Charleston, Georgetown
33. Nebraska
38.6% equity-rich, down from 39.1% last quarter and down from 38.9% last year
Counties: Dakota, Otoe, Dawson
34. Kansas
38.6% equity-rich, down from 40.1% last quarter and down from 39.6% last year
Counties: Lyon, Riley, Crawford
35. Mississippi
38.3% equity-rich, down from 38.4% last quarter and down from 39.5% last year
Counties: Oktibbeha, Alcorn, Adams
36. Alabama
38.0% equity-rich, down from 38.6% last quarter and down from 39.0% last year
Counties: Tallapoosa, Jackson, Etowah
37. Delaware
37.9% equity-rich, down from 40.5% last quarter and down from 40.9% last year
Counties: Sussex, New Castle, Kent
38. Virginia
36.6% equity-rich, down from 37.0% last quarter and down from 38.1% last year
Counties: Page, Powhatan, Patrick
39. Minnesota
35.5% equity-rich, down from 37.0% last quarter and down from 36.5% last year
Counties: Chisago, Le Sueur, Freeborn
40. Arkansas
35.5% equity-rich, down from 37.5% last quarter and down from 37.3% last year
Counties: Sharp, Polk, Garland
41. West Virginia
35.0% equity-rich, down from 35.5% last quarter and down from 35.5% last year
Counties: Raleigh, Hancock, Morgan
42. Illinois
33.5% equity-rich, down from 33.7% last quarter and up from 31.5% last year
Counties: Jo Daviess, Woodford, Carroll
43. Alaska
33.5% equity-rich, down from 33.5% last quarter and up from 31.7% last year
Counties: Kenai Peninsula, Juneau, Matanuska-Susitna
44. North Dakota
32.8% equity-rich, down from 33.7% last quarter and up from 31.9% last year
Counties: Richland, Stutsman, Grand Forks
45. Iowa
32.5% equity-rich, down from 32.9% last quarter and down from 33.7% last year
Counties: Dickinson, Obrien, Delaware
46. Kentucky
30.4% equity-rich, down from 32.1% last quarter and down from 33.3% last year
Counties: Daviess, Barren, Fayette
47. Oklahoma
29.0% equity-rich, down from 34.5% last quarter and down from 32.6% last year
Counties: Mayes, Delaware, Seminole
48. Maryland
28.1% equity-rich, down from 28.4% last quarter and down from 31.4% last year
Counties: Garrett, Worcester, Talbot
49. Louisiana
17.9% equity-rich, down from 20.1% last quarter and down from 20.3% last year
Counties: Washington, Union, Sabine
Conclusion
In the first quarter of 2026, 43.3% 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. The latest equity rich ranking by state shows trends across the country.
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