US Homeowners Reach Net Worth of Over $32 Trillion: Key Considerations Before Accessing Their Share
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Total home equity held by American homeowners has reached an unprecedented high of over $32 trillion as of the first quarter of 2024. This surge in home equity presents both opportunities and considerations for homeowners thinking about tapping into this resource.
As home prices continue to rise, rising home values have significantly increased the financial wealth of many homeowners across the country. With this record level of equity, homeowners are better positioned than ever for financial maneuvers such as home equity loans or lines of credit.
However, financial advisors urge caution. Access to home equity can provide substantial capital, but it also comes with risks, including a potential debt buildup and the threat of foreclosure if repayments aren’t ...