Here’s something most homeowners don’t check nearly as often as they should: The value of their home. Your house is likely your biggest financial asset, and if you’ve lived in it for a few years, chances are it’s been quietly building wealth for you—even if you haven’t been tracking it. You might be surprised by just how much it’s grown, even as the market has shifted.
What Is Home Equity? That hidden wealth is called equity—the difference between what your house is worth today and what you still owe on your mortgage. Equity grows over time as home values rise and as you make payments.
For example, if your house is worth $500,000 and you owe $200,000, you have $300,000 in equity—the average for homeowners right now. In fact, according to Cotality, the typical homeowner with a mortgage has about $302,000 in equity.
Why You Probably Have More Than You Think. Two factors are fueling record equity:
- Significant Home Price Growth: The Federal Housing Finance Agency reports that home prices have jumped nearly 54% nationwide over the last five years—39.3% in Oregon. Even if prices are leveling off, most homeowners with a few years in their home have substantial equity.
- People Are Living in Their Homes Longer: The National Association of Realtors (NAR) shows homeowners now stay in their homes about 10 years. In that time, you’ve built equity by making mortgage payments and riding the wave of rising values. In fact, NAR says the typical homeowner has gained $201,600 over the past decade just from price appreciation.
What Could You Do with That Equity? Your equity isn’t just a number—it’s a tool to help you:
- Buy your next home: Cover a down payment—or even pay in cash.
- Renovate your current home: Update it for your life now and potentially increase its value.
- Start a business: Use it for startup costs, equipment, or marketing to boost your earning potential.
Bottom Line: Your home is likely worth more than you realize—and knowing its true value can open doors for your future plans. Whether you’re curious about selling, planning renovations, or simply want a clearer picture of your financial standing, a trusted Town & Country Realty Broker can help. They’ll provide a complimentary Real Estate Review, giving you the insight and confidence to make your next move. Connect with one of our expert brokers today—call us in Corvallis at 541-757-1781 or in Albany at 541-924-5616.
Looking for a Real Estate Review? Visit: tncrealty.com/what-is-my-home-worth
Source: Keeping Current Matters. Disclaimer: The information contained, and the opinions expressed, are not intended to be construed as investment advice. Town & Country Realty does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Town & Country Realty will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.