U.S. Homeowners Have Earned $203B in Equity Since the Bottom of the Market

Together, Homebuyers Who Bought at the Bottom of the Market in 2012 Have Earned $203 Billion in Equity

by
Updated on October 6th, 2020

People who bought a home the year prices bottomed out have earned a median $141,000 or 261% in home equity.
Homeowners in Tacoma, Washington and Virginia Beach saw the biggest percent increases in home equity since 2012.
People who purchased homes in 2012, the year prices reached their lowest point following the Great Recession, have earned a total of $203 billion in home equity. Individually, the typical 2012 homebuyer has earned $141,000, or 261 percent, in home equity. 
The typical home that sold in 2012 has increased $110,000 in value, from a median sale price of $210,000 in 2012 to an estimated value of $320,000 in September 2019. The typical 2012 homebuyer started off with $54,000 in home equity and has $195,000 today.
That’s from a Redfin analysis of the home equity earned from roughly 1.4 million homes purchased across 138 markets in the U.S. in 2012. To measure gains in home equity, we assumed that 2012 equity was equal to the down payment used to purchase the home. Current equity was calculated in one of two ways: For homes that are still owned by the 2012 purchaser, it’s the difference between the home’s current Redfin Estimate and the homeowner’s outstanding loan balance; for homes that have sold, it’s the difference between the home’s subsequent sale price and the homeowner’s outstanding at the time of the sale. 
“The opportunity to build wealth through home equity when prices hit their low point was available only to a fortunate subset of Americans who had enough cash for a down payment,” said Redfin chief economist Daryl Fairweather. “And now many people who weren’t able to buy into homeownership during that window of time find themselves on the other side of the housing market coin: Many areas are just plain unaffordable for people who don’t have equity built up to trade in for a new home. And those who are waiting in the wings, hoping to buy a home when the next recession hits, probably won’t be as lucky as buyers were in 2012. Even if home prices do come down slightly, the US housing market won’t be impacted nearly as much as it was during the Great Recession and home equity gains won’t be nearly as big.”
The massive 12-figure total equity growth is driven by large, expensive coastal markets—mostly in California—where home values have increased by at least two-thirds and the typical homeowner has earned more than $300,000 in equity since 2012. The metros with the biggest total home equity gains in dollars are Los Angeles ($15 billion), Seattle ($8 billion) and Oakland ($7.9 billion). For complete data on each of the 138 metros included in our analysis, see the table at the end of this report. 

Top 10 metro areas with the most total equity growth in dollars, from 2012 to 2019 
Metro area Median Home Equity Growth in Dollars Median Home Equity Percent Growth  Total Equity Growth Median Home Value Dollar Growth  Median Home Value Percent Growth 
Los Angeles, CA $318,000 292% $15,000,000,000 $265,000 67%
Seattle, WA $364,000 461% $8,010,000,000 $313,000 88%
Oakland, CA $461,000 369% $7,920,000,000 $406,000 92%
San Jose, CA $669,000 360% $7,610,000,000 $596,000 98%
Denver, CO $222,000 555% $7,210,000,000 $180,000 72%
Phoenix, AZ $133,000 238% $6,820,000,000 $110,000 68%
San Francisco, CA $741,000 329% $6,410,000,000 $644,000 92%
Anaheim, CA $311,000 219% $6,290,000,000 $252,000 53%
San Diego, CA $283,000 277% $6,140,000,000 $232,000 60%
Washington, D.C. $148,000 296% $5,760,000,000 $98,000 27%
National  $141,000 261% $203,000,000,000 $110,000 52%

The list of places with the biggest percent increases in home equity includes many metros near large U.S. military bases, including Tacoma, Washington (1453%) and Virginia Beach (1333%), home to the largest concentration of military personnel outside of the Pentagon. That commonality is partly explained by the fact that a lot of homebuyers in those areas would have been able to take advantage of a loan from the U.S. Department of Veterans Affairs (known as a VA loan) or from the Federal Housing Administration (FHA), which often have small or no down-payment requirements, meaning their home equity started out particularly low in 2012. 
“Just like many other places around the country, the Hampton Roads area, which includes Virginia Beach, was hit hard during the Great Recession. But because there’s such a large military presence in Virginia Beach and its surrounding cities, our housing market will always be one of the most stable in the country,” said local Redfin agent Jordan Hammond. “People in the military are able to obtain VA loans, and military buyers are also often able to obtain low interest rates. That turned out to be hugely beneficial for people in the area who bought homes in the wake of the recession.” 
Ellen Campion, a Redfin agent in Tacoma, said the housing market in her area is large enough that the military population is just one of many factors that have contributed to massive home-equity growth. “Buyers were paying too much in 2005 and 2006, and once the recession hit, a lot of those people unfortunately had their homes foreclosed on,” Campion said. “So during and after the recession, folks were desperate and had to sell their homes for less than what they paid, and investors and savvy homebuyers snapped them up, often with the help of FHA loans. Now we’re in a situation where it’s the best of all worlds for sellers who bought homes back around 2012. The Tacoma market is so hot right now that those sellers are often able to earn six figures by selling average homes.” 

Top 10 metro areas with the biggest median percent home-equity growth, from 2012 to 2019 
Metro area Median Home Equity Growth  Median Home Equity Percent Growth  Total Equity Growth Median Home Value Dollar Growth  Median Home Value Percent Growth 
Tacoma, WA $218,000 1453% $953,000,000 $165,000 76%
Virginia Beach, VA $80,000 1333% $758,000,000 $44,000 21%
Greeley, CO $192,000 1067% $459,000,000 $157,000 84%
Spartanburg, SC $79,000 790% $131,000,000 $58,000 47%
Salem, OR $164,000 781% $319,000,000 $131,000 80%
Modesto, CA $200,000 769% $484,000,000 $169,000 112%
Colorado Springs, CO $149,000 677% $859,000,000 $117,000 57%
Stockton, CA $225,000 643% $700,000,000 $189,000 107%
Bremerton, WA $204,000 638% $382,000,000 $159,000 62%

Nine of the 10 metros with the biggest median home equity growth in dollars are in California, led by San Francisco ($741,000), San Jose ($669,000) and San Rafael ($604,000). Seattle ($364,000), is the only non-California metro on the list. For a full metro-level list of median home equity in 2012 and current median home equity, see the table at the end of this report. 
Compared with the metros with the highest percent equity growth, these areas all started in 2012 with high home prices, and local homebuyers likely made much higher down payment—close to 20 percent. Since then, coastal California and Seattle have seen enormous growth in home values, which equates to huge dollar gains in equity. 

Top 10 metro areas with the biggest dollar home-equity growth, from 2012 to 2019 
Metro area Median Home Equity Growth  Median Home Equity Percent Growth  Total Equity Growth Median Home Value Dollar Growth  Median Home Value Percent Growth 
San Francisco, CA $741,000 329% $6,410,000,000 $644,000 92%
San Jose, CA $669,000 360% $7,610,000,000 $596,000 98%
San Rafael, CA $604,000 247% $1,190,000,000 $495,000 71%
Oakland, CA $461,000 369% $7,920,000,000 $406,000 92%
Seattle, WA $364,000 461% $8,010,000,000 $313,000 88%
Santa Rosa, CA $350,000 318% $1,200,000,000 $292,000 81%
Salinas, CA $322,000 322% $656,000,000 $282,000 83%
Los Angeles, CA $318,000 292% $15,000,000,000 $265,000 67%
Anaheim, CA $311,000 219% $6,290,000,000 $252,000 53%
Santa Maria, CA $297,000 230% $593,000,000 $228,000 52%

We’ve provided the full list of metro areas used in this analysis below, with data points including total home equity growth, home equity growth for the typical homebuyer who bought in 2012 in both dollars and percentages and home value growth from 2012 to 2019 in both dollars and percentages. The table also notes home equity and home value in 2012 and 2019. 
The table is sorted by home equity percent growth, from largest to smallest. 

Median home equity and median home equity growth by metro area, 2012 to 2019, ranked by percent home equity growth
Metro area Median Home Equity at Purchase in 2012 Median Home Equity in 2019 or at Sale Median Home Equity Growth (2012 to 2019) Median Home Equity Percent Growth (2012 to 2019) Total Home Equity Growth (2012 to 2019) Median Home Sale Price in 2012 Median Current Home Value (Based on 2019 Redfin Estimate or Post-2012 Sale Price) Median Home Value Dollar Growth (2012 to 2019) Median Home Value Percent Growth (2012 to 2019)
National $54,000 $195,000 $141,000 261% $203,000,000,000 $210,000 $320,000 $110,000 52%
Tacoma, WA $15,000 $233,000 $218,000 1453% $953,000,000 $217,000 $382,000 $165,000 76%
Virginia Beach, VA $6,000 $86,000 $80,000 1333% $758,000,000 $210,000 $254,000 $44,000 21%
Greeley, CO $18,000 $210,000 $192,000 1067% $459,000,000 $186,000 $343,000 $157,000 84%
Spartanburg, SC $10,000 $89,000 $79,000 790% $131,000,000 $123,000 $181,000 $58,000 47%
Salem, OR $21,000 $185,000 $164,000 781% $319,000,000 $164,000 $295,000 $131,000 80%
Modesto, CA $26,000 $226,000 $200,000 769% $484,000,000 $151,000 $320,000 $169,000 112%
Colorado Springs, CO $22,000 $171,000 $149,000 677% $859,000,000 $205,000 $322,000 $117,000 57%
Stockton, CA $35,000 $260,000 $225,000 643% $700,000,000 $177,000 $366,000 $189,000 107%
Bremerton, WA $32,000 $236,000 $204,000 638% $382,000,000 $256,000 $415,000 $159,000 62%
Olympia, WA $26,000 $190,000 $164,000 631% $238,000,000 $222,000 $348,000 $126,000 57%
Nashville, TN $23,000 $165,000 $142,000 617% $2,230,000,000 $172,000 $283,000 $111,000 65%
Bakersfield, CA $19,000 $133,000 $114,000 600% $495,000,000 $140,000 $235,000 $95,000 68%
Fresno, CA $25,000 $164,000 $139,000 556% $572,000,000 $170,000 $280,000 $110,000 65%
Denver, CO $40,000 $262,000 $222,000 555% $7,210,000,000 $250,000 $430,000 $180,000 72%
Vallejo, CA $49,000 $320,000 $271,000 553% $520,000,000 $203,000 $428,000 $225,000 111%
Kalamazoo, MI $16,000 $100,000 $84,000 525% $162,000,000 $133,000 $194,000 $61,000 46%
Manchester, NH $24,000 $149,000 $125,000 521% $289,000,000 $219,000 $306,000 $87,000 40%
Grand Rapids, MI $21,000 $128,000 $107,000 510% $931,000,000 $127,000 $212,000 $85,000 67%
Detroit, MI $20,000 $121,000 $101,000 505% $871,000,000 $100,000 $182,000 $82,000 82%
Dayton, OH $14,000 $82,000 $68,000 486% $311,000,000 $128,000 $173,000 $45,000 35%
Portland, OR $47,000 $267,000 $220,000 468% $3,870,000,000 $245,000 $426,000 $181,000 74%
Seattle, WA $79,000 $443,000 $364,000 461% $8,010,000,000 $356,000 $669,000 $313,000 88%
Warren, MI $27,000 $149,000 $122,000 452% $2,460,000,000 $139,000 $241,000 $102,000 73%
York, PA $16,000 $88,000 $72,000 450% $209,000,000 $150,000 $197,000 $47,000 31%
Wilmington, DE $18,000 $98,000 $80,000 444% $244,000,000 $215,000 $257,000 $42,000 20%
Canton, OH $15,000 $78,000 $63,000 420% $148,000,000 $120,000 $163,000 $43,000 36%
Reno, NV $56,000 $288,000 $232,000 414% $693,000,000 $190,000 $390,000 $200,000 105%
Columbus, OH $27,000 $137,000 $110,000 407% $1,420,000,000 $169,000 $255,000 $86,000 51%
Memphis, TN $20,000 $101,000 $81,000 405% $506,000,000 $146,000 $206,000 $60,000 41%
Fort Collins, CO $48,000 $240,000 $192,000 400% $883,000,000 $225,000 $382,000 $157,000 70%
Greensboro, NC $18,000 $89,000 $71,000 394% $283,000,000 $148,000 $196,000 $48,000 32%
Little Rock, AR $12,000 $58,000 $46,000 383% $304,000,000 $150,000 $175,000 $25,000 17%
Riverside, CA $51,000 $246,000 $195,000 382% $5,220,000,000 $215,000 $373,000 $158,000 73%
Duluth, MN $20,000 $96,000 $76,000 380% $127,000,000 $130,000 $175,000 $45,000 35%
Rockingham County, NH $38,000 $182,000 $144,000 379% $498,000,000 $250,000 $359,000 $109,000 44%
Akron, OH $19,000 $90,000 $71,000 374% $299,000,000 $139,000 $187,000 $48,000 35%
Winston-Salem, NC $19,000 $90,000 $71,000 374% $243,000,000 $138,000 $188,000 $50,000 36%
Greenville, SC $26,000 $123,000 $97,000 373% $528,000,000 $150,000 $223,000 $73,000 49%
Minneapolis, MN $36,000 $170,000 $134,000 372% $3,580,000,000 $185,000 $289,000 $104,000 56%
Atlanta, GA $39,000 $184,000 $145,000 372% $4,990,000,000 $175,000 $299,000 $124,000 71%
Omaha, NE $21,000 $99,000 $78,000 371% $467,000,000 $138,000 $195,000 $57,000 41%
Sacramento, CA $60,000 $282,000 $222,000 370% $3,430,000,000 $233,000 $419,000 $186,000 80%
Oakland, CA $125,000 $586,000 $461,000 369% $7,920,000,000 $439,000 $845,000 $406,000 92%
Jacksonville, FL $35,000 $164,000 $129,000 369% $1,080,000,000 $160,000 $273,000 $113,000 71%
Eugene, OR $40,000 $187,000 $147,000 368% $329,000,000 $200,000 $316,000 $116,000 58%
Raleigh, NC $32,000 $149,000 $117,000 366% $1,160,000,000 $199,000 $290,000 $91,000 46%
Tulsa, OK $16,000 $74,000 $58,000 363% $463,000,000 $138,000 $174,000 $36,000 26%
Cincinnati, OH $26,000 $120,000 $94,000 362% $1,070,000,000 $150,000 $223,000 $73,000 49%
Harrisburg, PA $15,000 $69,000 $54,000 360% $131,000,000 $150,000 $177,000 $27,000 18%
San Jose, CA $186,000 $855,000 $669,000 360% $7,610,000,000 $609,000 $1,205,000 $596,000 98%
St. Louis, MO $22,000 $101,000 $79,000 359% $1,370,000,000 $156,000 $211,000 $55,000 35%
Appleton, WI $19,000 $87,000 $68,000 358% $113,000,000 $131,000 $180,000 $49,000 37%
Buffalo, NY $22,000 $98,000 $76,000 345% $623,000,000 $127,000 $178,000 $51,000 40%
Lincoln, NE $20,000 $88,000 $68,000 340% $226,000,000 $140,000 $188,000 $48,000 34%
Charlotte, NC $34,000 $149,000 $115,000 338% $1,970,000,000 $180,000 $271,000 $91,000 51%
Charleston, SC $44,000 $191,000 $147,000 334% $892,000,000 $225,000 $345,000 $120,000 53%
San Francisco, CA $225,000 $966,000 $741,000 329% $6,410,000,000 $700,000 $1,344,000 $644,000 92%
Bellingham, WA $63,000 $269,000 $206,000 327% $385,000,000 $250,000 $415,000 $165,000 66%
Cleveland, OH $22,000 $93,000 $71,000 323% $919,000,000 $138,000 $191,000 $53,000 38%
Salinas, CA $100,000 $422,000 $322,000 322% $656,000,000 $341,000 $623,000 $282,000 83%
Santa Rosa, CA $110,000 $460,000 $350,000 318% $1,200,000,000 $360,000 $652,000 $292,000 81%
Bend, OR $76,000 $312,000 $236,000 311% $578,000,000 $225,000 $427,000 $202,000 90%
Ann Arbor, MI $55,000 $222,000 $167,000 304% $401,000,000 $205,000 $335,000 $130,000 63%
Philadelphia, PA $34,000 $137,000 $103,000 303% $1,470,000,000 $173,000 $253,000 $80,000 46%
Washington, DC $50,000 $198,000 $148,000 296% $5,760,000,000 $364,000 $462,000 $98,000 27%
Los Angeles, CA $109,000 $427,000 $318,000 292% $15,000,000,000 $395,000 $660,000 $265,000 67%
Boulder, CO $92,000 $357,000 $265,000 288% $1,210,000,000 $330,000 $546,000 $216,000 65%
Durham, NC $40,000 $155,000 $115,000 288% $482,000,000 $202,000 $293,000 $91,000 45%
Lakeland, FL $40,000 $154,000 $114,000 285% $406,000,000 $110,000 $200,000 $90,000 82%
Green Bay, WI $25,000 $96,000 $71,000 284% $137,000,000 $139,000 $191,000 $52,000 37%
Baltimore, MD $33,000 $126,000 $93,000 282% $1,740,000,000 $255,000 $315,000 $60,000 24%
Reading, PA $22,000 $84,000 $62,000 282% $140,000,000 $155,000 $195,000 $40,000 26%
Pittsburgh, PA $27,000 $103,000 $76,000 281% $1,330,000,000 $137,000 $191,000 $54,000 39%
San Diego, CA $102,000 $385,000 $283,000 277% $6,140,000,000 $385,000 $617,000 $232,000 60%
Elgin, IL $36,000 $135,000 $99,000 275% $358,000,000 $185,000 $265,000 $80,000 43%
Lancaster, PA $30,000 $112,000 $82,000 273% $271,000,000 $175,000 $229,000 $54,000 31%
San Luis Obispo, CA $108,000 $398,000 $290,000 269% $628,000,000 $402,000 $634,000 $232,000 58%
Rockford, IL $22,000 $81,000 $59,000 268% $86,370,000 $114,000 $146,000 $32,000 28%
Oxnard, CA $104,000 $376,000 $272,000 262% $1,450,000,000 $415,000 $635,000 $220,000 53%
National $54,000 $195,000 $141,000 261% $203,000,000,000 $210,000 $320,000 $110,000 52%
Camden, NJ $28,000 $101,000 $73,000 261% $526,000,000 $188,000 $231,000 $43,000 23%
Allentown, PA $29,000 $104,000 $75,000 259% $371,000,000 $180,000 $227,000 $47,000 26%
Palm Bay, FL $50,000 $177,000 $127,000 254% $723,000,000 $129,000 $247,000 $118,000 91%
Tucson, AZ $37,000 $130,000 $93,000 251% $691,000,000 $166,000 $235,000 $69,000 42%
San Rafael, CA $245,000 $849,000 $604,000 247% $1,190,000,000 $700,000 $1,195,000 $495,000 71%
Asheville, NC $55,000 $190,000 $135,000 245% $488,000,000 $190,000 $296,000 $106,000 56%
Providence, RI $53,000 $183,000 $130,000 245% $871,000,000 $215,000 $312,000 $97,000 45%
Richmond, VA $43,000 $147,000 $104,000 242% $940,000,000 $196,000 $278,000 $82,000 42%
Phoenix, AZ $56,000 $189,000 $133,000 238% $6,820,000,000 $162,000 $272,000 $110,000 68%
Santa Maria, CA $129,000 $426,000 $297,000 230% $593,000,000 $435,000 $663,000 $228,000 52%
Tampa, FL $53,000 $171,000 $118,000 223% $3,270,000,000 $139,000 $247,000 $108,000 78%
Chicago, IL $53,000 $170,000 $117,000 221% $4,210,000,000 $220,000 $312,000 $92,000 42%
Anaheim, CA $142,000 $453,000 $311,000 219% $6,290,000,000 $476,000 $728,000 $252,000 53%
Las Vegas, NV $69,000 $215,000 $146,000 212% $2,350,000,000 $138,000 $272,000 $134,000 97%
Baton Rouge, LA $34,000 $105,000 $71,000 209% $436,000,000 $165,000 $207,000 $42,000 25%
Madison, WI $49,000 $151,000 $102,000 208% $488,000,000 $195,000 $275,000 $80,000 41%
Orlando, FL $58,000 $177,000 $119,000 205% $2,000,000,000 $140,000 $248,000 $108,000 77%
Oklahoma City, OK $32,000 $97,000 $65,000 203% $900,000,000 $132,000 $172,000 $40,000 30%
Nassau County, NY $103,000 $311,000 $208,000 202% $3,430,000,000 $375,000 $525,000 $150,000 40%
Deltona, FL $55,000 $166,000 $111,000 202% $566,000,000 $127,000 $225,000 $98,000 77%
Lexington, KY $39,000 $117,000 $78,000 200% $259,000,000 $150,000 $204,000 $54,000 36%
Montgomery County, PA $51,000 $152,000 $101,000 198% $1,530,000,000 $272,000 $335,000 $63,000 23%
Port St. Lucie, FL $65,000 $189,000 $124,000 191% $611,000,000 $137,000 $251,000 $114,000 83%
Milwaukee, WI $48,000 $139,000 $91,000 190% $844,000,000 $188,000 $253,000 $65,000 35%
New Orleans, LA $52,000 $149,000 $97,000 187% $864,000,000 $162,000 $239,000 $77,000 48%
Knoxville, TN $42,000 $120,000 $78,000 186% $568,000,000 $150,000 $204,000 $54,000 36%
Fort Lauderdale, FL $71,000 $199,000 $128,000 180% $2,770,000,000 $151,000 $277,000 $126,000 83%
Louisville, KY $45,000 $126,000 $81,000 180% $723,000,000 $150,000 $213,000 $63,000 42%
Lake County, IL $55,000 $153,000 $98,000 178% $507,000,000 $232,000 $312,000 $80,000 34%
West Palm Beach, FL $80,000 $222,000 $142,000 178% $2,460,000,000 $170,000 $298,000 $128,000 75%
Champaign, IL $29,000 $80,000 $51,000 176% $90,486,000 $145,000 $176,000 $31,000 21%
Honolulu, HI $124,000 $339,000 $215,000 173% $1,540,000,000 $428,000 $597,000 $169,000 39%
Frederick, MD $70,000 $191,000 $121,000 173% $1,200,000,000 $376,000 $452,000 $76,000 20%
New York, NY $129,000 $346,000 $217,000 168% $4,720,000,000 $390,000 $558,000 $168,000 43%
Punta Gorda, FL $71,000 $184,000 $113,000 159% $355,000,000 $125,000 $226,000 $101,000 81%
Sebastian, FL $78,000 $200,000 $122,000 156% $293,000,000 $145,000 $256,000 $111,000 77%
Newark, NJ $90,000 $225,000 $135,000 150% $1,620,000,000 $360,000 $452,000 $92,000 26%
Salisbury, MD $65,000 $162,000 $97,000 149% $393,000,000 $220,000 $289,000 $69,000 31%
New Brunswick, NJ $80,000 $196,000 $116,000 145% $2,240,000,000 $285,000 $368,000 $83,000 29%
Rochester, NY $40,000 $97,000 $57,000 143% $467,000,000 $128,000 $164,000 $36,000 28%
Boston, MA $195,000 $447,000 $252,000 129% $1,730,000,000 $342,000 $569,000 $227,000 66%
Trenton, NJ $71,000 $161,000 $90,000 127% $225,000,000 $257,000 $313,000 $56,000 22%
North Port, FL $100,000 $220,000 $120,000 120% $1,600,000,000 $178,000 $289,000 $111,000 62%
Cape Coral, FL $86,000 $188,000 $102,000 119% $1,350,000,000 $146,000 $240,000 $94,000 64%
Huntsville, AL $50,000 $109,000 $59,000 118% $225,000,000 $148,000 $190,000 $42,000 28%
Miami, FL $125,000 $270,000 $145,000 116% $3,310,000,000 $220,000 $353,000 $133,000 60%
Youngstown, OH $39,000 $84,000 $45,000 115% $107,000,000 $98,000 $133,000 $35,000 36%
Albany, NY $67,000 $138,000 $71,000 106% $400,000,000 $188,000 $235,000 $47,000 25%
Myrtle Beach, SC $68,000 $130,000 $62,000 91% $310,000,000 $130,000 $185,000 $55,000 42%
Ocean City, NJ $127,000 $242,000 $115,000 91% $336,000,000 $315,000 $383,000 $68,000 22%
Atlantic City, NJ $56,000 $106,000 $50,000 89% $140,000,000 $210,000 $234,000 $24,000 11%
Indianapolis, IN $115,000 $205,000 $90,000 78% $195,000,000 $125,000 $217,000 $92,000 74%
Naples, FL $149,000 $259,000 $110,000 74% $1,170,000,000 $235,000 $338,000 $103,000 44%
Poughkeepsie, NY $138,000 $224,000 $86,000 62% $282,000,000 $228,000 $300,000 $72,000 32%
Rochester, MN $138,000 $220,000 $82,000 59% $197,000,000 $148,000 $231,000 $83,000 56%
The Villages, FL $125,000 $197,000 $72,000 58% $176,000,000 $182,000 $257,000 $75,000 41%
Birmingham, AL $117,000 $172,000 $55,000 47% $329,000,000 $143,000 $195,000 $52,000 36%
Syracuse, NY $116,000 $146,000 $30,000 26% $202,000,000 $120,000 $150,000 $30,000 25%
Burlington, VT $230,000 $284,000 $54,000 23% $134,000,000 $230,000 $284,000 $54,000 23%

Methodology 
This report is based on a Redfin analysis of the total home equity and median home equity earned from roughly 1.4 million homes sold across 138 markets in the U.S. any time in 2012. The total amount of equity earned nationally was calculated by adding up the equity on each home purchase in 2012. To be included in the data, metros must have had at least 1,500 sales in 2012. The 2012 equity is equal to the down payment used to purchase a home based on county records: The down payment is the difference between the price and the loan amount. The current equity was calculated in one of two ways: For homes that are still owned by the 2012 purchaser, the current equity is the difference between the homeowners’ outstanding loan balance and the home’s current Redfin estimate; for homes that have since been sold, the current equity is the difference between the homeowners’ outstanding loan balance and the home’s subsequent sale price (if a home as been sold more than once since 2012, we only took the first sale into account). Home value appreciation is calculated using the difference between the median home price in 2012 and either the actual sale price or the median Redfin estimate in September 2019. 

Dana Anderson

Dana Anderson

As a data journalist at Redfin, Dana Anderson writes about the numbers behind real estate trends. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our Why Redfin page.

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