u/Daniel-aven

Surprisingly, nearly 40% of US homeowners had no mortgage at all in 2024, according to the Census Bureau, the highest share in over a decade.

This is often because they paid the home off or bought it outright. Many of those same people are still carrying balances elsewhere, credit cards, an auto loan, maybe a personal loan, even while sitting on a pile of equity. Asset-rich in the house, still pinched everywhere else.

A group with plenty of equity and no low mortgage rate to protect is in a very different spot when it comes to other high-interest debt. Home equity can be used to reduce high-interest debt from cars, renovations, or other loans when done effectively, but some hesitate.

What are everyone’s thoughts on using home equity to reduce debt?

The average homeowner with a mortgage has roughly $302,000 in equity.

A ton of net worth is locked in the walls of the house, even while a lot of the same households carry high-interest debt on the other side of the ledger.

It seems worth at least knowing the number and understanding the options, from HELOCs to home equity loans to the newer card-style lines, before sticking to a 20%+ credit card.

Homeowners, how much home equity do you have?

The average homeowner with a mortgage has roughly $302,000 in equity.

A ton of net worth is locked in the walls of the house, even while a lot of the same households carry high-interest debt on the other side of the ledger.

It seems worth at least knowing the number and understanding the options, from HELOCs to home equity loans to the newer card-style lines, before sticking to a 20%+ credit card.

Homeowners, how much home equity do you have?

The average homeowner with a mortgage is now holding roughly $302,000 in equity, according to a 2025 industry report.

A ton of net worth is locked in the walls of the house, while a lot of the same households carry high-interest debt on the other side of the ledger.

It seems worth at least knowing the number and understanding the options, from HELOCs to home equity loans to the newer card-style lines, before defaulting to a 20%+ credit card.

Homeowners, how much home equity do you currently hold?

Many folks fall in love with the character and all the little details that made older homes feel special and unique. But what many don’t always expect is how much ownership can turn into a mix of appreciation and problem-solving, where fixing one thing often leads to discovering another.

Some days it feels incredibly rewarding, and other days it feels like the house is constantly testing your patience.

What’s something no one tells you about owning an older home?

Many first-time homeowners underestimate how quickly costs add up and start renovations without a realistic budget or contingency fund. A lot of people also prioritize aesthetics over function, only to realize later that other issues matter way more day-to-day. 

What are some mistakes that you’ve seen first-time homeowners make?