Let’s talk about something most people don’t check nearly as often as their bank account—
their home’s value.

But when it comes to your financial health, your home is likely your biggest asset, and it’s been working for you behind the scenes—quietly building wealth. Especially if you’ve owned it for a few years or more, you might be sitting on equity that could open up big opportunities.

So, how much is your house really worth today?

What Is Home Equity and Why Does It Matter?

Home equity is the difference between what your home is worth and what you still owe on your mortgage. It grows two ways:

1. As you pay down your mortgage

2. As home values rise

Let’s say your house is worth $500,000, and you owe $200,000 on your loan. That’s $300,000 in equity—and many homeowners in Los Angeles County are in a similar or better position.

In fact, according to Cotality (formerly CoreLogic), the average homeowner with a mortgage now has about $311,000 in equity. And if you’ve owned your home for even longer, that number could be much higher.

Why You Probably Have More Equity Than You Think

1. Home Prices Have Jumped Significantly

According to the Federal Housing Finance Agency (FHFA), home prices nationwide have increased by 57.1% over the past five years.

If you bought your home in or before 2019, it’s very likely worth significantly more today. This is especially true in places like Glendale, Pasadena, Burbank, and other hot Los Angeles suburbs where buyer demand has stayed strong.

2. People Are Staying in Their Homes Longer

Data from the National Association of Realtors (NAR) shows the average homeowner now stays in their home for 9.25 years—compared to just 6 years before 2009.

That longer tenure means more time to pay down your mortgage, and more years of benefiting from appreciation—even if you weren’t watching the market closely.

According to NAR:

“Over the past decade, the typical homeowner has accumulated $201,600 in wealth solely from price appreciation.”

What Could You Do With That Equity?

Your home equity isn’t just a number—it’s a powerful financial tool. Here are just a few ways you could use it:

• Upgrade to your next home: Use your equity as a down payment, or even buy your next place with cash.

• Renovate your current space: Remodel your kitchen, add square footage, or create a home office—these upgrades can improve your quality of life and your home’s resale value.

• Start a business or invest: Leverage your equity to fund a dream project or boost your income potential.

Bottom Line

Chances are, your home is worth a lot more than you realize—and so is your equity. If you’re thinking about selling, moving up, or just curious about your options, let’s take a look at how your equity could work for you.