Monthly Archives: February 2025

Homeowners have had it good over the past several years and, according to ATTOM Data Solutions’ fourth quarter 2024 U.S. Home Equity & Underwater Report, they still do. The report found 47.7 percent of mortgaged residential properties in the country could be considered equity rich during the final three months of 2024. A property is equity rich when the amount owed on its mortgages is no more than half its estimated value. Rob Barber, ATTOM’s CEO, says it’s a good position to be in. “Homeowners across the country … are sitting on historically high levels of property equity thanks in large part to the endless increases in home values over more than a decade,” Barber said. “Nearly half of all residential mortgage payers in the U.S. have paid off at least half of their loans, leaving many with six-figures levels of wealth available to leverage anything from new home purchases to starting new businesses to paying off major expenses.” (source)

Budgeting is never fun. If given the choice, we’d all prefer to spend money freely and without consequence. But while it may not be as enjoyable, budgeting your money is important – especially so, when buying a house. Evidence of that can be seen in a newly released survey of homeowners. The survey found 81 percent of homeowners say their expenses are higher than they anticipated, leading 69 percent of them to have regrets about their home purchase. That’s a pretty significant share of homeowners who say owning a home is more expensive than they thought. It’s also a good bet that those homeowners were once buyers who didn’t do a thorough enough job of working out a budget and determining how much house they could comfortably afford. That means adding in costs like potential maintenance, repairs, insurance and property tax, in addition to the prospective monthly mortgage payment. Taking a real hard look at your finances and potential costs before you buy will help save you from the heartache and stress of owning a home that hurts your bottom line. (source)