Your Arizona Home May Be Worth More Than You Think

Here's a number that stopped me when I first saw it: American homeowners now hold $34 trillion in combined home equity, according to Harvard's latest State of the Nation's Housing report, up 88% since 2019. The average homeowner holds around $295,000 in equity, and four out of ten homeowners own their homes outright, with no mortgage at all. If you bought in Mesa, Scottsdale, Sun City, or PebbleCreek more than a few years ago, there's a good chance you're sitting on more of that national number than you'd guess.

Why nobody talks about this

Most people think of retirement savings as "the 401(k), the pension, maybe some savings." Home equity rarely makes that list, even when it's the single largest asset a person owns. I hear it constantly from Arizona homeowners: worry about retirement income in one breath, then an offhand mention that the house is paid off and worth $500,000 in the next. That's not a footnote. That's a resource.

What that equity can actually do

I'm not suggesting everyone should rush out and borrow against their home. But if you've spent 20 or 30 years paying down a mortgage on a Valley home, it's worth understanding what that equity can do for you now. For homeowners who refinanced into a low rate a few years back and want to keep it, a HomeSafe Second can unlock equity without disturbing that first mortgage. For higher-value homes in North Scottsdale or Paradise Valley, a Longbridge Platinum line of credit can serve needs a standard HECM's lending limits can't reach.