If the Average Home Value Doubled Overnight, Which States Would Benefit Most?

Core Insights - Median home prices have decreased since their peak at the end of 2022, currently at $410,800, which is still approximately 30% higher than early pandemic levels [1] - Homeownership has become less affordable for first-time buyers, while existing homeowners have seen an 80% increase in equity from 2020 to 2024 [1] State-Level Equity Gains - States with the largest total equity gains include California ($4.63 trillion), New York ($1.82 trillion), Florida ($1.25 trillion), and New Jersey ($1.03 trillion) [4][5] - Total equity gains for other notable states include Massachusetts ($987.97 billion), Washington ($794.75 billion), Texas ($647.14 billion), and Pennsylvania ($582.12 billion) [5] Per Household Equity Gains - States with the highest equity gains per household are Hawaii ($410,976), Massachusetts ($323,070), and California ($311,427) [6] - Other states with significant per household equity gains include New Jersey ($269,963), New Hampshire ($268,984), and Rhode Island ($253,918) [6] Implications of Home Value Increases - A hypothetical 100% increase in home values could generate trillions in equity but would exacerbate the shortage of affordable homes, making homeownership more difficult for first-time buyers [7]