If you own a home, congratulations: You likely gained six figures in equity since 2019.
“A typical homeowner accumulated $147,000 in housing wealth in the last five years,” said National Association of Realtors® Chief Economist Lawrence Yun in the latest quarterly report.
That’s a profit of $29,400 per year—nearly half of the average U.S. salary.
But even with the rapid price appreciation over the past few years, the likelihood of a housing market crash is minimal, according to Yun.
“Distressed property sales and the number of people defaulting on mortgage payments are both at historic lows,” said Yun.