Home Equity & Housing Wealth
From the Fed's quarterly Z.1 Financial Accounts: the market value of owner-occupied real estate split into what households own (owners' equity) and what they owe (home-mortgage debt), quarterly back to 1945. This is the balance sheet behind every housing-crash argument.
Owners' equity ($B)
- Housing value
- $49.83T
- Equity share
- 71.9%86th pctile
Next release: Dec 10, 2026
Latest reading
As of Q2 2026, Home Equity (Owners' equity ($B)) stands at $35.8T — up from $34.9T the prior reading, a record high in the series since 1945. The latest reading ($35.8T, Q2 2026) is a record in nominal dollars, but after inflation the record belongs to Q2 2024: $37.0T in September 2026 dollars, so the latest reading, $36.2T in September 2026 dollars, is 2.2% below it. The equity share is the load-bearing number: in 2007 it had already fallen to ~60% before prices broke, because debt had grown faster than values for a decade. Today's ~72% share — a level last sustained in the 1980s — is why higher rates froze transactions instead of forcing sales. Falling equity share during rising prices is the classic late-cycle warning. Series history runs from 1945 to present.
Sources, methodology & freshnessFederal Reserve Z.1 via FRED (OEHRENWBSHNO owners' equity + HHMSDODNS home mortgages; value = equity + debt), quarterly · Quarterly, with every releaseData as of 2026-04-01 · Open ↓Close ↑
Full history
Home equity ($)
Total housing value
The gross market value of owner-occupied real estate (equity + mortgage debt) — the full housing stock's worth.
Mortgage debt
Home-mortgage liabilities of households. Note how flat the line went after 2008 — the deleveraging that made the current cycle's balance sheets so resilient.
Real owners' equity (September 2026 dollars)
Homeowners' equity restated in September 2026 dollars, so every past reading buys the same basket as today. Quarterly readings use the average CPI of their quarter.
Deflated by CPI-U (BLS), matched by month; the latest months appear once CPI is published.
Methodology & data
Home Equity is sourced from Fed via the Federal Reserve's FRED service (Federal Reserve Z.1 via FRED (OEHRENWBSHNO owners' equity + HHMSDODNS home mortgages; value = equity + debt), quarterly). We pull the complete history, chart it on a quarterly basis, overlay SPY for context, and generate a dated plain-English reading from the latest release — with no smoothing or adjustment beyond what the chart legend states.
Every reading is stamped with its release date. Latest observation 2026-04-01; site refreshed 2026-10-19. Maintained and reviewed by Yuriy Matso; see our methodology for the standards every series on the site is held to.
Frequently asked questions
What is the Home Equity & Housing Wealth?
From the Fed's quarterly Z.1 Financial Accounts: the market value of owner-occupied real estate split into what households own (owners' equity) and what they owe (home-mortgage debt), quarterly back to 1945. This is the balance sheet behind every housing-crash argument.
How do you read Home Equity?
The equity share is the load-bearing number: in 2007 it had already fallen to ~60% before prices broke, because debt had grown faster than values for a decade. Today's ~72% share — a level last sustained in the 1980s — is why higher rates froze transactions instead of forcing sales. Falling equity share during rising prices is the classic late-cycle warning.
Where does the Home Equity data come from?
Federal Reserve Z.1 via FRED (OEHRENWBSHNO owners' equity + HHMSDODNS home mortgages; value = equity + debt), quarterly. We chart the full history and publish a dated, plain-English reading with every release; the raw series is downloadable as CSV at /data/indicators/home-equity.csv.
How often is Home Equity updated?
Home Equity is a quarterly series from Fed, refreshed here as soon as a new release posts to FRED.
Owners' equity ($B)
- Housing value
- $49.83T
- Equity share
- 71.9%86th pctile
Next release: Dec 10, 2026