Recent analysis by Griffin Funding, using Cotality’s state equity‑gain data from the first quarter of 2020 through the second quarter of 2026, highlights a stark contrast between homeowners and renters across the United States. Six states – New Jersey, Connecticut, Rhode Island, California, Massachusetts and New Hampshire – reported average equity gains exceeding $200,000 per mortgaged property.
Top equity‑gain states
New Jersey led the list with an average gain of $250,861, followed by Connecticut at $239,653, Rhode Island at $224,813, California at $214,632, Massachusetts at $213,288, and New Hampshire at $206,811. These figures represent cumulative nominal dollar increases since 2020 and do not reflect current equity balances or the proportion of mortgaged homes that are equity‑rich.
Renter cost‑burden remains high
Despite strong gains for owners, many renters continue to struggle with housing costs. In California and Connecticut – both states that topped the equity‑gain list – more than half of renters were classified as cost‑burdened in 2024, meaning they spent over 30% of their income on housing and utilities, according to Harvard’s 2026 housing report.
Other states with lower equity gains also show severe renter strain. Florida and Nevada recorded average gains of $141,315 and $125,510 respectively, yet 59% of Florida renters and 57% of Nevada renters were cost‑burdened in 2024.
National renter hardship
Nationally, the Harvard report identified 22.7 million renter households as cost‑burdened in 2024, including 12.1 million households spending more than half of their income on housing and utilities. Such high expense ratios limit families’ ability to save for emergencies, retirement, or a future down payment.
Wealth gap between owners and non‑owners
The Federal Reserve’s Survey of Consumer Finances shows median homeowner net worth rose from $295,500 in 2019 to $396,200 in 2022 (2022 dollars). For renters and other non‑homeowners, median net worth increased from $7,300 to $10,400 over the same period. The dollar gap widened by $97,600, even though the percentage increase was larger for non‑owners because they started from a much smaller base.
Timing matters for equity accumulation
Cotality’s separate analysis indicates buyers who purchased homes in 2020 or 2021 accumulated about $86,000 more equity than those who bought in 2022 or later. While this finding relates to purchase cohorts rather than renters, it underscores how entry timing can affect a household’s wealth cushion.
Policy implications
The data suggest that expanding affordable rental options and promoting pathways to homeownership remain essential for broader financial security. Home equity provides a valuable cushion for owners, but renters need sufficient cash flow to build savings, invest, or address unexpected expenses.
Policymakers and community leaders can use these insights to balance efforts that support both home‑ownership growth and rental affordability, ensuring families have the resources to achieve long‑term stability.
Original reporting: KEYT (Ventura/Santa Barbara) — read the source article.
