Skip to content
Wednesday, November 11, 2026 · Today’s edition, 6:30 a.m. ETWed, Nov 11 · 6:30 a.m. editionSign inMy Desk 0EditionsSign in

2.4 million US mortgage holders have at least $1 million in home equity

Tappable equity averaged $204,000 per borrower, and California held 49% of the nation's equity millionaires, per ICE Mortgage Monitor.

$1Min home equity

At a glance

  1. California accounted for 49% of the nation's equity millionaires, ahead of New York with 189,000, New Jersey with 141,000 and Florida with 104,000.
  2. Nearly 9 million mortgage holders held $500,000 or more in equity, 4% more than a year earlier.
  3. Cash-out transactions made up one in seven rate locks in recent weeks, and a client tapping equity is trading a low-rate mortgage for a higher monthly payment, according to ICE.

American mortgage holders now hold $17.5 trillion in home equity, and 2.4 million of them have at least $1 million, according to the November ICE Mortgage Monitor Report released Nov. 9 and first reported by InvestmentNews.

That total is up 1.4% from a year earlier, and tappable equity (the amount accessible with a 20% cushion) averaged $204,000 per borrower, up $16,600 from a year earlier, according to Intercontinental Exchange.

California accounted for 49% of the nation's equity millionaires, ahead of New York with 189,000, New Jersey with 141,000 and Florida with 104,000. Nearly 9 million mortgage holders held $500,000 or more in equity, 4% more than a year earlier.

Cash-out transactions made up one in seven rate locks in recent weeks, and a client tapping equity is trading a low-rate mortgage for a higher monthly payment, according to ICE. Purchase loans accounted for roughly 80% of rate locks.

California holds half of America's equity millionaires

Mortgage holders with at least $1M in home equity, by state, Q3 2026

  • California1.2M homeowners
  • New York189K homeowners
  • New Jersey141K homeowners
  • Florida104K homeowners
Source: ICE Mortgage Monitor, Nov. 2026, via InvestmentNews
Show as table
ItemValue (homeowners)
California1.2M homeowners
New York189K homeowners
New Jersey141K homeowners
Florida104K homeowners

Reported by the Tax & estate planning desk from InvestmentNews. Published . Corrections

Related

Advisors

Before replacing a fund, check it tracks the incumbent

InvestmentNews says compare return paths first, then look for evidence the replacement has delivered a better outcome.

Advisors

Client 360 is table stakes, Capco consultant says

The next edge is contextual intelligence that flags when a concentrated position meets a vesting event.

Advisors

Paris Jackson seeks $600 million from Michael Jackson's estate

The petition asks executors to fund a trust for Michael Jackson's children, while the estate cites unresolved IRS tax disputes.

Wealth Advisor Dailyfrom Private Wealth Daily

Practice management, recruiting, RIA M&A and the platforms advisors run on. Daily at 6:45 a.m. ET.

Free. Every morning. Unsubscribe from any edition in one click.

From other sections