Equity Gains for Today’s Homeowners: How Beverly Hills and Los Angeles, CA Stand Out
Equity Gains for Today's Homeowners: How Beverly Hills and Los Angeles, CA Stand Out | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
Homeownership is a great investment that not only provides a place to call home but also builds wealth over time. In recent years, homeowners in Beverly Hills and Los Angeles, CA have experienced significant equity gains due to rising home prices. According to data from the Federal Housing Finance Agency (FHFA), the average home price appreciation in the Los Angeles metropolitan area was 47.1% over the past five years, while in Beverly Hills, it was 50.2%. This means that homeowners in these areas have built substantial wealth through their homes.
Despite the recent easing of home price appreciation, the latest Homeowner Equity Insights report from CoreLogic found that the average homeowner's equity has grown by $34,300 over the past year alone. This is a substantial increase in net worth, and it provides homeowners with options that they may not have had before.
One of the most significant benefits of equity gains is the ability to make a move. When a homeowner sells their current home, the equity they have built up comes back to them in the sale. This equity can be used as a down payment on their next home, allowing them to move up the property ladder or relocate to a different area.
For homeowners in Beverly Hills and Los Angeles, CA, this is particularly important as the housing market in these areas is highly competitive. With limited inventory, it can be challenging to find the perfect home, but having built up equity can provide a significant advantage.
Additionally, homeowners in these areas may be able to take advantage of the strong rental market by renting out their current property. With high demand for rental properties in Beverly Hills and Los Angeles, CA, homeowners can generate substantial income from their homes, further building their wealth.
In summary, homeowners in Beverly Hills and Los Angeles, CA have built significant wealth through their homes, thanks to rising home prices. If you are a homeowner in these areas, it may be time to find out how much equity you have and how it can help fuel your next move. By leveraging your equity, you can make a significant impact on your overall net worth and achieve your homeownership goals.
Call Christophe Choo at (310) 777-6342 to tour your future home "HERE" or click "HERE" to estimate your home value