With some of the nation’s highest median home prices—and more than a few of its priciest individual homes—Los Angeles property owners collectively possess a massive pool of real estate equity worth an astonishing $760 billion. That’s according to a new report from real estate analyst Black Knight. The study shows that L.A. leads the nation in “tappable” equity, that is, the value of homes that owners can access by selling or refinancing.
The amount of equity accessible to homeowners in our metropolitan area, which includes L.A. and Orange counties, is nearly double that of New York ($395 billion) and fully twice that of the entire state of Texas ($322 billion).
The numbers in the report highlight the financial resources available to area homeowners—particularly those who have paid off a sizable portion of their mortgages. That wealth can be accessed by selling, by using equity to take out loans, or through a cash-out refinance.