Home equity changes for all 50 states in the last 5 years

Homeowners in West Virginia have gained more home equity over the past five years than anywhere else in the country.

Home equity — the difference between what your home is worth and what you still owe on it — has surged 450% since 2020 in the Mountain State, according to a new Bankrate analysis.

While home equity isn’t spendable cash unless you sell or borrow against it, a surplus still adds to homeowners’ net worth. That extra value can make it easier to qualify for a home equity loan or line of credit, free up cash for renovations and, if you sell, put more cash toward retirement.

It can be a significant financial boost, too, considering that housing makes up the largest share of household wealth for most Americans, according to New York Federal Reserve data.

Bankrate compared Zillow’s typical home values with Experian’s average mortgage balances for active borrowers in all 50 states in early 2020 and early 2025 to measure the change. In Zillow’s terms, “typical” reflects the value of a mid-market home — roughly those in the middle third of the market, rather than a simple average or median sale price.

Here are the five states where average home equity has grown the most since 2020, as a percentage:

• West Virginia: 450%
• Oklahoma: 431%
• Connecticut: 297%
• Kansas: 234%
• Illinois: 217%

West Virginia has long had some of the nation’s most affordable homes, but with U.S. home prices surging since the Covid-19 pandemic, the state’s median sales price rose from $122,196 in March 2020 to $175,176 in March 2025 — a 43% increase, according to Zillow.

Many of these homeowners locked in low 30-year fixed mortgage rates before they tripled in recent years, further boosting equity gains. That said, the home equity amount is only $35,931, one of the lowest amounts of any state.

The same trend shows up across the rest of the top five states for equity growth, including low-cost markets like Oklahoma and Kansas. Rising prices combined with low mortgage rates have fueled large gains for many homeowners in these states.

In contrast, the only state with negative equity is Louisiana, at -22%. Declining home prices, climate risks and growing insurance costs are likely driving the decline, Bankrate says.

More generally, homeowners in the South and Midwest have seen the most home equity growth on average over the last five years, while homeowners in the West have seen the least on average. Nationwide, the average home equity amount in 2025 is $112,430 — up 142% from 2020.

Here’s each U.S. state’s average home equity growth since 2020, shown as both the percentage increase and the current dollar amount, sorted alphabetically.

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