America’s homeowners are sitting on $34.5 trillion in equity, with half of that owned by Baby Boomers alone. And lenders are taking their best shots at unlocking that huge cache of money.
Despite the general malaise in the for-sale housing market, owners are still seeing the value of their properties rise, LendingTree reports. The $34.5 trillion first-quarter 2025 figure is up $600 billion from the same period last year and marks a $4.7 trillion leap from the first quarter of 2023.
At the same time, home equity lending offers hit an average of nearly $145,000 nationwide, the lender-to-borrower matching service says. That’s a “significant jump” of 39.3% from $104,100 in the first quarter last year.
Matt Schulz, LendingTree’s chief consumer finance analyst, says the increase in equity is “a big deal.”
“Housing prices continue to rise in much of the country while people stay put in their current homes, reluctant to trade their current low mortgage rate for the higher rate that would come with a new mortgage,” Schulz commented. “The longer they stay in their home, the more of their mortgage they pay off. Combine that with increasing home prices and you get significantly higher home equity.”
According to a second study, this one from Realtor.com, Boomers born between 1946 and 1964 hold an estimated $18 trillion to $19 trillion worth of real estate, a direct reflection of their decades of ownership, rising property values, and the generational shift that is now reshaping the housing market.
Not surprisingly, Boomer housing wealth is concentrated in the retirement state of Florida, where five of the top 10 senior markets are located. California, Arizona, and Hawaii are other spots where lots of home equity has been accumulated over the years.
The real estate listings website’s ranking combines three factors:
- The share of owners aged 65 and up;
- The total value of homes in each market; and
- The estimated value held by older residents.
The result, says Realtor.com, “is a snapshot of where retirees aren’t just living but where they’re holding some of the most valuable pieces of the American housing pie.”
Meanwhile, looking at other generations’ home equity:
- GenXers own $14.14 trillion in equity:
- Millennials have $ 9.9 trillion; and
- The Silent Generation, those born between 1928 and 1945, has $4.38 trillion.
To get at that money, lenders are making the highest home equity loan offers in years, jumping 38.6% since early 2023. And Schulz says larger offers can open a lot of doors for borrowers.
“That extra money can go toward doing a more substantial home renovation, consolidating other debts, paying educational expenses, or even starting a small business,” he says. “Ultimately, it gives you options.”
Offers are highest in Hawaii, California, and Utah. In the Aloha State, they average $493,143, at least $160,000 above California ($326,923) and Utah ($323,702). These states also saw the largest jumps in offer amounts between 2023 and 2025 at 323%, 258.2%, and 227.7%, respectively.
Owners in West Virginia, Iowa, and Arkansas received the lowest home equity loan offers. West Virginia has the lowest equity loan offers at an average of $64,916. Iowa ($72,817) and Arkansas ($81,645) follow. In contrast, Hawaii’s average loan offer is more than seven times that of West Virginia’s.
Offered interest rates vary less than loan amounts, but they still differ. The average interest rate offered on home equity loans across the country is 7.37%, with West Virginia and New Hampshire tying for the lowest rate at 7.07%. The highest is in North Dakota at 7.94%.
