State of Mortgages in 2025: Percent of Equity-Rich Properties for the First Quarter

 

ATTOM’s latest data on mortgage equity for the first quarter 2025 show that the number of equity-rich mortgages remain historically high in the nation overall. Although equity-rich rates fell in 47 states quarterly, annually, the rates in the majority of states were higher.

An equity-rich mortgage is defined as one where the loan balance is no more than half of their estimated market value. In the first quarter of 2025, 46.2 percent of mortgaged residential properties in the country were considered equity-rich, down from 47.7 percent in the fourth quarter of 2024. Here’s a closer look at the equity trends in the nation and by state.

Equity-Rich Mortgages by State

1. Vermont

Vermont had the highest percentage of equity-rich mortgages in Q1 2025. The percent increased from 82.0% to 85.8% from Q1 2024 to Q1 2025. In Vermont, close to every mortgage is equity rich. The counties with the most equity-rich mortgages in Vermont are Chittenden, Washington, and Addison.

2. New Hampshire

New Hampshire had the second-highest percentage of equity-rich mortgages in Q1 2025. The percent increased from 57.0% to 60.5% from Q1 2024 to Q1 2025. In New Hampshire, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Carroll, Coos, Belknap, and Sullivan.

3. Rhode Island

Rhode Island had the third-highest percentage of equity-rich mortgages in Q1 2025. The percent increased from 55.0% to 59.8% from Q1 2024 to Q1 2025, which was one of the highest increases in any state. In Rhode Island, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Washington, Newport, Bristol, and Providence.

4. Montana

Montana is the fourth state in the list of states with the highest percentage of equity-rich mortgages in Q1 2025. The percent increased from 58.7% to 59.4% from Q1 2024 to Q1 2025. In Montana, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Flathead, Gallatin, Missoula, and Cascade.

5. Maine

Maine is high up on the list of states with a high percentage of equity-rich mortgages in Q1 2025. The percent decreased from 59.2% to 58.9% from Q1 2024 to Q1 2025. In Maine, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Lincoln, Sagadahoc, Franklin, and Waldo.

6. Hawaii

Hawaii has one of the highest percentage of equity-rich mortgages in Q1 2025. The percent increased from 56.5% to 58.4% from Q1 2024 to Q1 2025. In Hawaii, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Kauai, Maui, and Hawaii.

7. California

California’s percent of equity-rich mortgages decreased from 58.6% in Q1 2024 to 57.4% in Q1 2025. In California, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Orange, Santa Clara, Mono, and Santa Barbara.

8. Massachusetts

Massachusetts saw an increase in the number of equity-rich mortgages. The percent increased from 53.3% to 55.9% from Q1 2024 to Q1 2025. In Massachusetts, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Dukes, Barnstable, Nantucket, and Essex.

9. Idaho

Idaho’s percent of equity-rich mortgages decreased from 56.3% to 55.5% from Q1 2024 to Q1 2025. In Idaho, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Blaine, Valley, Bonner, and Fremont.

10. New York

New York is the state with the tenth-highest percentage of equity-rich mortgages in Q1 2025. The percent increased from 49.1% to 54.1% from Q1 2024 to Q1 2025. In New York, which was the second-highest increase of any state. 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Nassau, Suffolk, Yates, and Columbia.

11. New Jersey

The percent of equity-rich mortgages increased in New Jersey from 47.1% in Q1 2024 to 52.1% in Q1 2025. This was one of the highest increases of any state. In New Jersey, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Cape May, Monmouth, Ocean, and Essex.

12. Washington

In Washington state the percent of equity-rich mortgages in Q1 2025 increased to 54.2% compared to 51.3% in Q1 2024. This was one of the highest decreases among states In this state, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Jefferson, San Juan, Yakima, and Whatcom.

13. South Dakota

South Dakota’s percent of equity-rich mortgages decreased from 51.5% to 51.3% from Q1 2024 to Q1 2025. In South Dakota, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Pennington, Brown, Meade, and Yangton.

14. Utah

Utah took the fourteenth spot in the list of states with the highest percentage of equity-rich mortgages in Q1 2025. The percent decreased from 54.0% to 50.7% from Q1 2024 to Q1 2025, which was the second-highest decrease among states. In Utah, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Summit, Wasatch, Carbon, and Sevier.

15. Arizona

Arizona has the 15th highest percentage of equity-rich mortgages in Q1 2025. The percent decreased from 52.9% to 49.8% from Q1 2024 to Q1 2025, which was among the highest decreases among states. In Arizona, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Coconino, Yavapai, Navajo, and Santa Cruz.

16. Tennessee

Tennessee’s number of equity-rich mortgages dropped from 51.5% to 49.4% from Q1 2024 to Q1 2025. Tennessee is 16th on the list, and 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Grainger, Cocke, Union, and Unicoi.

17. Wisconsin

Wisconsin has17th highest percentage of equity-rich mortgages in Q1 2025. The percent increased from 47.0% to 49.3% from Q1 2024 to Q1 2025. In Wisconsin, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Portage, Sawyer, Bayfield, and Kewaunee.

18. Florida

Florida is the 18th on the list of states with the highest percentage of equity-rich mortgages in Q1 2025. The percent decreased from 54.4% to 49.3% from Q1 2024 to Q1 2025, which was the most pronounced decrease of all states. In Florida, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Portage, Sawyer, Bayfield, and Kewaunee.

19. Oregon

Oregon’s percent of equity-rich mortgages decreased from 49.8% to 48.8% from Q1 2024 to Q1 2025. In Oregon, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Curry, Lincoln, Hood River, and Benton.

20. Connecticut

Connecticut has the 20th highest percentage of equity-rich mortgages in Q1 2025. The percent increased from 42.2% to 48.0% from Q1 2024 to Q1 2025, which was the highest increase of any state. In Connecticut, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are New London, Litchfield, New Haven, Fairfield, and Wyndham.

21. Texas

In Texas, the percent of equity-rich mortgages decreased from 48.4% to 47.4% from Q1 2024 to Q1 2025. In Texas, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Maverick, Starr, Titus, and Gillespie.

22. North Carolina

North Carolina saw a slight decrease in its percent of equity-rich mortgages in Q1 2025. The percent decreased from 47.7% to 47.2% from Q1 2024 to Q1 2025. In North Carolina, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Transylvania, Clay, Macon, and Ashe.

23. Colorado

The percent of equity-rich mortgages decreased from 48.4% to 45.8% from Q1 2024 to Q1 2025, which is relatively significant compared to other states. In Colorado, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are San Miguel, Routt, Eagle, and Gunnison.

24. Michigan

In Michigan, the percent of equity-rich mortgages increased from 45.2% to 45.7% from Q1 2024 to Q1 2025. In Michigan, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Marquette, Manistee, Benzie, and Presque Isle.

25. Wyoming

Wyoming saw a significant rise in the percent of equity-rich mortgages. The percent increased from 40.9% to 45.4% from Q1 2024 to Q1 2025. In Wyoming, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Lincoln, Teton, Park, and Sheridan.

26. Indiana

Indiana also saw a significant increase in its percentage of equity-rich mortgages. The percent increased from 40.9% to 44.6% from Q1 2024 to Q1 2025. In Indiana, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Fulton, Whitley, Ripley, and Howard.

27. Nevada

Nevada had the 27th highest percentage of equity-rich mortgages in Q1 2025. The percent decreased from 45.2% to 44.5% from Q1 2024 to Q1 2025. In Nevada, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Douglas, Carson City, Washoe, and Clark.

28. New Mexico

New Mexico saw a decrease in its percent of equity-rich mortgages in Q1 2025. The percent decreased from 45.5% to 43.7% from Q1 2024 to Q1 2025. In New Mexico, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Taos, Colfax, Santa Fe, and Los Alamos.

29. Georgia

The percent of equity-rich mortgages in the state of Georgia decreased slightly from 43.7% to 43.4% from Q1 2024 to Q1 2025. In Georgia, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Fannin, Greene, Gilmer, and Union.

30. Pennsylvania

The percent of equity-rich mortgages in Pennsylvania increased from 40.4% to 42.7% from Q1 2024 to Q1 2025. In Pennsylvania, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Mifflin, Wyoming, Wayne, and Monroe.

31. Missouri

In Missouri, the percent of equity-rich mortgages increased from 38.3% to 41.2% from Q1 2024 to Q1 2025, which is relatively significant. In Missouri, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Audrain, Perry, Mcdonald, and Bates.

32. Delaware

Delaware has the 32nd highest percentage of equity-rich mortgages in Q1 2025. The percent increased from 37.2% to 40.9% from Q1 2024 to Q1 2025, which is relatively significant. In Delaware, 1 in every 2 mortgages are equity rich. The county with the highest percentage of equity-rich mortgages is Sussex county, which is also the country with the highest percentage of underwater mortgages.

33. Ohio

In Ohio, the percent of equity-rich mortgages increased from 38.0% to 40.9% from Q1 2024 to Q1 2025. In Ohio, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Ashland, Hocking, Knox, Carroll, and Champaign.

34. South Carolina

The percent of equity-rich mortgages increased slightly from 40.0% to 40.3% from Q1 2024 to Q1 2025. In South Carolina, 1 in every 2 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are

35. Kansas

Kansas is thirty-fifth on the list of states with the highest percentage of equity-rich mortgages in Q1 2025. The percent decreased from 40.4% to 39.6% from Q1 2024 to Q1 2025. In Kansas, 1 in every 3 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Lyon, Crawford, Wyandotte, and Douglas.

36. Mississippi

The percent of equity rich mortgages in Mississippi increased from 38.3% to 39.5% from Q1 2024 to Q1 2025. In Mississippi, 1 in every 3 mortgages are equity rich. The counties with the highest percentage of seriously underwater are Washington, Lincoln, Pike, and Prentiss.

37. Alabama

In Alabama, the percent of equity-rich mortgages increased from 35.7% to 39.0% from Q1 2024 to Q1 2025, which is significant. In Alabama, 1 in every 3 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Tallapoosa, Jackson, Winston, and Lee.

38. Nebraska

Nebraska’s percent of equity-rich mortgages, increased minimally from 38.8% to 38.9% from Q1 2024 to Q1 2025. In Nebraska, 1 in every 3 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Dakota, Otoe, Platte, and Adams.

39. Virginia

Virginia saw a relatively significant increase in the percent of equity-rich mortgages from 35.2% to 38.1% from Q1 2024 to Q1 2025. In Virginia, 1 in every 3 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Page, Patrick, Middlesex, and Radford.

40. Arkansas

Arkansas’ percent of equity-rich mortgages increased from 36.2% to 37.3% from Q1 2024 to Q1 2025. In Arkansas, 1 in every 3 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Marion, Carroll, Van Buren, and Polk.

41. Minnesota

Minnesota saw a slight increase in its percent of equity-rich mortgages in Q1 2025. The percent increased from 35.5% to 36.5% from Q1 2024 to Q1 2025. In Minnesota, 1 in every 3 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Le Sueur, Chisago, Cass, and Todd.

42. West Virginia

In West Virginia, the percent of equity-rich mortgages increased from 31.6% to 35.5% from Q1 2024 to Q1 2025, which is significant. In West Virginia, 1 in every 3 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Raleigh, Hancock, Morgan, and Wood.

43. Iowa

Iowa saw a slight increase in the percent of equity-rich mortgages in Q1 2025. The percent increased from 32.3% to 33.7% from Q1 2024 to Q1 2025. In Iowa, 1 in every 3 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Dickinson (by far), Crawford, Guthrie, and Delaware.

44. Kentucky

Kentucky saw a significant increase in the percent of equity-rich mortgages in Q1 2025. The percent increased from 28.7% to 33.3% from Q1 2024 to Q1 2025. In Kentucky, which was one of the highest increases for any state. 1 in every 3 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Daviess (by far), Barren, Nelson, and Fayette.

45. Oklahoma

For Oklahoma, the percent of equity-rich mortgages increased from 28.1% to 32.6% from Q1 2024 to Q1 2025, which is a significant increase. In Oklahoma, 1 in every 3 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Lincoln, Delaware, Garvin, and Mcintosh.

46. North Dakota

The percent of equity-rich mortgages increased slightly from 31.5% to 31.9% from Q1 2024 to Q1 2025. In North Dakota, 1 in every 3 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Richland, Stutsman, Burleigh, and Grand Forks.

47. Alaska

Alaska has one of the lowest percentages of equity-rich mortgages in Q1 2025. However, the percent increased from 29.5% to 31.7% from Q1 2024 to Q1 2025. In Alaska, 1 in every 3 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Ketchican Gateway, Kenai Peninsula, Juneau, and Anchorage.

48. Illinois

Illinois has the third-lowest percentage of equity-rich mortgages in Q1 2025. The percent did increase, however, from 28.3% to 31.5% from Q1 2024 to Q1 2025. In Illinois, 1 in every 3 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Jo Daviess (by far), Woodford, Fulton, and Winnebago.

49. Maryland

Maryland has the second-lowest percent of equity-rich mortgages in Q1 2025. The percent increased from 30.7% to 31.4% from Q1 2024 to Q1 2025. In Maryland, 1 in every 3 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Worcester, Garrett, Kent, and Wicomico.

50. Louisiana

Louisiana has the lowest percentage of equity-rich mortgages in Q1 2025. The percent increased from 20.1% to 20.3% from Q1 2024 to Q1 2025. In Louisiana, 1 in every 5 mortgages are equity rich. The counties with the highest percentage of equity-rich mortgages are Washington (by far), Sabine, Jefferson, and De Soto.

Summary

These latest data show that the percentage of equity-rich homes remains historically high and the housing market is resilient. You can read ATTOM’s full first quarter 2025 U.S. Home Equity & Underwater Report, here.

https://www.attomdata.com/news/most-recent/equity-rich-properties-by-state/