According to ATTOM’s just released Q1 2025 U.S. Home Equity & Underwater Report, 46.2 percent of mortgaged residential properties nationwide were equity-rich—defined as having combined loan balances amounting to no more than 50 percent of the property’s estimated market value.
WATCH: ATTOM #figuresfriday Top 10 Equity-Rich ZIPs in Q1 2025
The latest home equity and underwater analysis compiled by ATTOM found the share of equity-rich homes declined from 47.7 percent in Q4 2024 and has fallen each quarter since peaking at 49.2 percent in Q2 of last year. Despite the decline, the rate remains historically high—nearly double the level seen in Q1 2020.
ATTOM’s first-quarter home equity and underwater report noted that the decline in equity-rich properties was widespread, with 47 states seeing decreases from Q4 2024 to Q1 2025. However, compared to a year ago, the rate was still higher in 33 states —underscoring that this recent dip is occurring against the backdrop of a historically strong housing market.
The report also noted that during the first quarter of 2025, The states with the biggest year-over-year gains in equity-rich homes included Connecticut, where the share rose from 42.2 percent to 48 percent, and New York, which increased from 49.1 percent to 54.1 percent. New Jersey followed with a jump from 47.1 percent to 52.1 percent, while Rhode Island climbed from 55 percent to 59.8 percent. Kentucky also saw a notable rise, from 28.7 percent to 33.3 percent.
ATTOM’s latest report also mentioned that in Q1 2025, six of the ten states with the highest share of equity-rich mortgaged homes were located in the Northeast, while the other four were in the West.
In this post, we dive deep into the data behind our first-quarter home equity and underwater report to uncover the top zip codes, with at least 2,000 outstanding mortgages in Q1, 2025, with the highest percentages of equity-rich properties. Those zips include: 49855 – Marquette, Michigan (91.7 percent); 92657 – Newport Coast, California (85.8 percent); 57702 – Rapid City, South Dakota (85.6 percent); 94024 – Los Altos, California (84.8 percent); 92620 – Irvine, California (84.5 percent); 83340 – Ketchum, Idaho (84.5 percent); 54843 – Hayward, Wisconsin (84.2 percent); 08243 – Sea Isle City, New Jersey (84.1 percent); 93110 – Santa Barbara, California (83.8 percent); and 92602 – Irvine, California (83.3 percent).
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Written by: Megan Hunt