At a glance
- California accounted for 49% of the nation's equity millionaires, ahead of New York with 189,000, New Jersey with 141,000 and Florida with 104,000.
- Nearly 9 million mortgage holders held $500,000 or more in equity, 4% more than a year earlier.
- Cash-out transactions made up one in seven rate locks in recent weeks, and a client tapping equity is trading a low-rate mortgage for a higher monthly payment, according to ICE.
American mortgage holders now hold $17.5 trillion in home equity, and 2.4 million of them have at least $1 million, according to the November ICE Mortgage Monitor Report released Nov. 9 and first reported by InvestmentNews.
That total is up 1.4% from a year earlier, and tappable equity (the amount accessible with a 20% cushion) averaged $204,000 per borrower, up $16,600 from a year earlier, according to Intercontinental Exchange.
California accounted for 49% of the nation's equity millionaires, ahead of New York with 189,000, New Jersey with 141,000 and Florida with 104,000. Nearly 9 million mortgage holders held $500,000 or more in equity, 4% more than a year earlier.
Cash-out transactions made up one in seven rate locks in recent weeks, and a client tapping equity is trading a low-rate mortgage for a higher monthly payment, according to ICE. Purchase loans accounted for roughly 80% of rate locks.
California holds half of America's equity millionaires
Mortgage holders with at least $1M in home equity, by state, Q3 2026
- California1.2M homeowners
- New York189K homeowners
- New Jersey141K homeowners
- Florida104K homeowners
Show as table
| Item | Value (homeowners) |
|---|---|
| California | 1.2M homeowners |
| New York | 189K homeowners |
| New Jersey | 141K homeowners |
| Florida | 104K homeowners |
Reported by the Tax & estate planning desk from InvestmentNews. Published . Corrections