US homeowners’ equity reached US$32.62T, or 71.62% of total household real estate in Q3; households’ real estate assets totaled US$45.54T, liabilities totaled US$12.93T: Federal Reserve

Sample article from our Housing & Economy

December 13, 2023 (press release) –

According to the 2023 third quarter release of the Federal Reserve Z.1 Financial Accounts of the United States, household real estate assets grew for the second consecutive quarter. The continued lack of existing for-sale inventory has contributed to the growth in households’ real estate assets.


The level of household real estate assets increased by $510.25 billion from $45.03 trillion in the second quarter of 2023 to $45.54 trillion in the third quarter of 2023, a 1.33% increase. While the third quarter percentage change is smaller on a quarter-over-quarter basis, 1.33% compared to 5.86%, the year-over-year percent change in the third quarter is significantly higher than the second. Between the third quarter of 2023 and 2022, household real estate assets increased 4.65% on a year-over-year basis while the second quarter change between 2023 and 2022 was marginal at 0.47%. Last year, in the third quarter of 2022, real estate assets for households were falling from the second quarter peak as home prices were declining. Fast forward to today and the market value for real estate has seen large increases since the start of the year due to the lack of housing supply.

Real estate secured liabilities of households’ balance sheets, i.e., mortgages, home equity loans, and HELOCs, increased over the third quarter from $12.84 trillion to $12.93 trillion, a 0.66% quarterly increase. Year-over-year, real estate liabilities have increased 3.10% from $12.54 trillion in the third quarter of 2022. The year-over-year growth of real estate liabilities has fallen from 9.88% in the first quarter of 2022 but remains positive despite limited mortgage activity.


Aggregate owners’ equity (i.e., the difference between homeowners’ real estate assets and liabilities) rose from $32.19 trillion to $32.62 trillion, representing 71.62% of all owner-occupied household real estate. Owners’ equity share of real estate assets remained above 70% for the seventh consecutive quarter.


Tags: home equity, homeowner equity, household balance sheets, household debt, market value, mortgage debt, residential real estate

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