Following the trough that was 2011, home prices across the nation have risen over the last five years with the CoreLogic Home Price Index recording a 40% rise in the national index since then. CoreLogic staffer Frank Nothaft looks at the increase household wealth (equity) that has occurred in this time and the effect that this has had on consumption as well renovation expenditures.
Between June 2011 and June 2016, equity rose by more than $6 trillion. Nothaft shows how much wealth each house generated on average between mid-2015 to mid-2016:
Nationwide, the average gain in wealth was about $11,000 per homeowner, but with wide geographic variation (Figure 2). California, Oregon and Washington had increases of nearly $30,000 per average owner, while Connecticut, New Jersey, North Dakota and Pennsylvania had no change or experienced a decline.