What is the Current Percentage of Mortgaged Residential Properties that are Equity-Rich in the U.S.?
In the third quarter of 2025, homeowner equity across the U.S. declined slightly quarterly and annually.
Percentage of Equity-Rich Properties: 46.1 percent of mortgaged residential properties, meaning homeowners owed no more than half of their property’s market value.
Monthly change: down from 47.4 percent in Q2, 2025
Year-over-year change: down from 48.3 percent in Q3, 2024
The states with the highest shares of equity-rich homes in the third quarter were: Vermont, New Hampshire, Rhode Island, Maine, and Montana.
What’s Driving Q3 2025 Home Equity Trends?
Over the past year, the share of equity-rich homes has eased slightly. After several years of strong equity growth that peaked in 2022, homeowner equity levels may be stabilizing. Slight declines in equity-rich shares across most markets may point to a housing sector adjusting to affordability challenges, higher borrowing costs, and slower home price appreciation. At the same time, record home values and a still-limited supply of for-sale homes have helped keep most owners in strong financial positions.
Percentage of Equity-Rich Homes by State – Q3 2025
Below is the complete state-by-state ranking for the third quarter of 2025, listing each state’s share of equity-rich properties and the top three counties leading in percentage of equity-rich properties.
- Vermont – 86.8% equity-rich, up from 84.9% last quarter and up from 86.4% last year
Counties: Chittenden, Washington, Addison
- New Hampshire – 61.4% equity-rich, up from 60.3% last quarter and up from 61.1% last year
Counties: Carroll, Belknap, Grafton
- Rhode Island – 59.8% equity-rich, up from 60.3% last quarter and down from 60.6% last year
Counties: Washington, Newport, Bristol
- Maine – 58.6% equity-rich, up from 58.6% last quarter and down from 62.2% last year
Counties: Lincoln, Sagadahoc, Knox
- Montana – 57.8% equity-rich, up from 59.2% last quarter and down from 60.5% last year
Counties: Flathead, Missoula, Gallatin
- Hawaii – 57.3% equity-rich, up from 58.4% last quarter and down from 58.5% last year
Counties: Maui, Kauai, Hawaii
- Massachusetts – 56.7% equity-rich, up from 55.9% last quarter and down from 56.7% last year
Counties: Dukes, Barnstable, Nantucket
- California – 55.5% equity-rich, up from 57.4% last quarter and down from 59.4% last year
Counties: Santa Clara, Orange, San Mateo
- Idaho – 54.9% equity-rich, up from 55.5% last quarter and down from 58.2% last year
Counties: Blaine, Valley, Bonner
- New York – 54.7% equity-rich, up from 54.1% last quarter and up from 53.6% last year
Counties: Nassau, Erie, Monroe
- New Jersey – 53.8% equity-rich, up from 52.1% last quarter and up from 50.0% last year
Counties: Cape May, Monmouth, Ocean
- Washington – 53.0% equity-rich, up from 51.3% last quarter and down from 56.5% last year
Counties: San Juan, Jefferson, Whatcom
- South Dakota – 52.7% equity-rich, up from 51.3% last quarter and up from 51.5% last year
Counties: Brown, Pennington, Meade
- Utah – 52.1% equity-rich, up from 50.7% last quarter and down from 54.0% last year
Counties: Summit, Wasatch, Carbon
- Michigan – 51.3% equity-rich, up from 45.7% last quarter and up from 51.1% last year
Counties: Marquette, Chippewa, Manistee
- Wisconsin – 50.7% equity-rich, up from 49.3% last quarter and up from 50.6% last year
Counties: Portage, Sawyer, Bayfield
- Tennessee – 50.1% equity-rich, up from 49.4% last quarter and down from 53.8% last year
Counties: Union, Unicoi, Grainger
- Connecticut – 49.1% equity-rich, up from 48.0% last quarter and up from 45.5% last year
Counties: Fairfield, Litchfield, Middlesex
- Oregon – 48.8% equity-rich, up from 48.8% last quarter and down from 51.9% last year
Counties: Hood River, Curry, Benton
- Texas – 48.5% equity-rich, up from 47.4% last quarter and down from 51.5% last year
Counties: Gillespie, Llano, Palo Pinto
- Arizona – 47.8% equity-rich, up from 49.8% last quarter and down from 53.9% last year
Counties: Coconino, Santa Cruz, Yavapai
- Florida – 46.0% equity-rich, up from 49.3% last quarter and down from 56.0% last year
Counties: Monroe, Franklin, Collier
- North Carolina – 45.8% equity-rich, up from 47.2% last quarter and down from 51.5% last year
Counties: Transylvania, Clay, Watauga
- Colorado – 45.2% equity-rich, up from 45.8% last quarter and down from 50.7% last year
Counties: San Miguel, Eagle, Routt
- New Mexico – 45.0% equity-rich, up from 43.7% last quarter and down from 47.0% last year
Counties: Taos, Colfax, Santa Fe
- Missouri – 44.7% equity-rich, up from 41.2% last quarter and down from 45.5% last year
Counties: Audrain, Perry, Barry
- Pennsylvania – 44.5% equity-rich, up from 42.7% last quarter and down from 45.6% last year
Counties: Mifflin, Wyoming, Wayne
- Wyoming – 44.1% equity-rich, up from 45.4% last quarter and up from 43.5% last year
Counties: Lincoln, Teton, Park
- Indiana – 43.8% equity-rich, up from 44.6% last quarter and down from 45.0% last year
Counties: Whitley, Lagrange, Cass
- Georgia – 43.3% equity-rich, up from 43.4% last quarter and down from 47.9% last year
Counties: Fannin, Union, Gilmer
- Nevada – 43.0% equity-rich, up from 44.5% last quarter and down from 46.3% last year
Counties: Douglas, Carson City, Washoe
- Delaware – 42.7% equity-rich, up from 40.9% last quarter and up from 41.7% last year
Counties: Sussex, New Castle, Kent
- Ohio – 42.5% equity-rich, up from 40.9% last quarter and up from 42.4% last year
Counties: Ashland, Muskingum, Knox
- South Carolina – 42.3% equity-rich, up from 40.3% last quarter and down from 45.1% last year
Counties: Newberry, Charleston, Beaufort
- Kansas – 42.1% equity-rich, up from 39.6% last quarter and down from 42.3% last year
Counties: Lyon, Crawford, Miami
- Nebraska – 41.8% equity-rich, up from 38.9% last quarter and down from 43.2% last year
Counties: Dakota, Otoe, Dawson
- Alabama – 41.5% equity-rich, up from 39.0% last quarter and down from 41.9% last year
Counties: Tallapoosa, Jackson, Etowah
- Mississippi – 40.9% equity-rich, up from 39.5% last quarter and up from 39.4% last year
Counties: Oktibbeha, Pearl River, Alcorn
- Arkansas – 39.8% equity-rich, up from 37.3% last quarter and down from 40.7% last year
Counties: Marion, Van Buren, Cleburne
- Virginia – 39.4% equity-rich, up from 38.1% last quarter and down from 39.5% last year
Counties: Powhatan, Page, Patrick
- Minnesota – 38.6% equity-rich, up from 36.5% last quarter and down from 40.1% last year
Counties: Le Sueur, Chisago, Cass
- Illinois – 37.9% equity-rich, up from 31.5% last quarter and up from 36.1% last year
Counties: Jo Daviess, Carroll, Woodford
- West Virginia – 37.2% equity-rich, up from 35.5% last quarter and up from 33.6% last year
Counties: Raleigh, Morgan, Hancock
- Kentucky – 36.5% equity-rich, up from 33.3% last quarter and down from 37.4% last year
Counties: Daviess, Barren, Franklin
- Maryland – 29.1% equity-rich, up from 31.4% last quarter and down from 33.2% last year
Counties: Worcester, Talbot, Kent
- Oklahoma – 33.7% equity-rich, up from 34.5% last quarter and down from 35.0% last year
Counties: Lincoln, Delaware, McIntosh
- Alaska – 34.3% equity-rich, up from 33.7% last quarter and up from 31.0% last year
Counties: Kenai Peninsula, Ketchikan Gateway, Matanuska-Susitna
- Iowa – 33.8% equity-rich, up from 33.7% last quarter and down from 34.7% last year
Counties: Dickinson, Crawford, Appanoose
- North Dakota – 32.6% equity-rich, up from 30.2% last quarter and up from 32.0% last year
Counties: Stutsman, Richland, Burleigh
- Louisiana – 18.6% equity-rich, up from 18.0% last quarter and down from 21.1% last year
Counties: Washington, Sabine, Orleans
Conclusion
Homeowner equity declined slightly in the third quarter of 2025, with 46.1 percent of mortgaged residential properties considered equity-rich, down from 47.4 percent the prior quarter and 48.3 percent a year earlier.
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