If your nest egg is in your home, you’ve made a good investment in Texas.
The latest figures from Bankrate show that the average value of home equity in the state has risen 65 percent since 2020.
“For many people, it’s often one of the largest, if the largest asset they’ve got,” observed financial planner Derrick Kinney.
The Bankrate figures found home equity values have surged across the country over the past five years as property values have appreciated, and especially since the very low mortgage rates during the pandemic.
The greatest gains across the country have been largely in Southern and Midwestern states.
“Friendly tax state, political states, like Tennessee, Texas and Florida, have continued to be safe haven places,” Kinney said, “not just to grow a business and raise a family, but they’re seeing some significant real estate gains as well.”
The most dramatic pickup in average home equity value came in West Virginia.
The story is very different in Washington D.C. where home equity values have actually fallen by 38% since 2020.