Homeowners in Northern Colorado have a bunch of equity in their homes.This fact was reported by our Chief Economist Matthew Gardner at our annual Real Estate Market Forecast event. The term ‘equity rich’ is defined as someone who has at least 50% equity in their home. For example, if someone owns a home worth $500,000 and their mortgage balance is less than $250,000, they are ‘equity rich.’ A whopping 57% of Larimer County homeowners and 46% of Weld County homeowners are equity rich. To put that in perspective, in 2015 there were roughly 20% of Northern Colorado homeowners who had this much equity in their homes. This level of equity is one of many reasons Northern Colorado is protected from any sort of severe market downturn resulting from an excessive amount of distressed properties hitting the market.
February 3, 2023
by Rondi duPont