Are You Sitting on More Equity Than You Think? A Simple Guide for Homeowners

Many Greater Boston homeowners have owned their homes for years without checking what that ownership is worth today. Between loan paydown and changes in home values, the answer is often larger than they expect. Nationally, the U.S. Census Bureau reports that 39.4% of owner-occupied homes had no mortgage in 2020-2024, up from 34.4% in 2010-2014.

How do you know how much equity you have in your home?

Take your home's current market value, based on recent sales of similar homes nearby, and subtract what you still owe on the mortgage and any other loans secured by the home. For example, a Jamaica Plain single-family worth the $1,435,000 median with $400,000 owed has $1,035,000 in equity. An online estimate or what you paid years ago can be far off.

Key Takeaways

• Home equity is the difference between what your home is worth now and what you still owe on it.
• 39.4% of U.S. owner-occupied homes had no mortgage in 2020-2024, up from 34.4% in 2010-2014 (U.S. Census Bureau).
• The median single-family sale price was $1,435,000 in Jamaica Plain and $661,000 in Hyde Park from September 2025 through August 2026 (MLS PIN).
• You can use equity without selling through a HELOC, a home equity loan or a cash-out refinance, all of which use your home as collateral.
• Recent sales near you are the most reliable guide to what your home is worth today.

What is home equity?

Home equity is the difference between what your home is worth now and what you still owe on it.

Example: the median sale price of a single-family home in Jamaica Plain (ZIP 02130) was $1,435,000 from September 2025 through August 2026. A Jamaica Plain owner whose home is worth that median and who owes $400,000 on the mortgage would have $1,035,000 in equity ($1,435,000 minus $400,000).

Equity grows in two ways: you pay down the loan, and the home's value changes. Paydown adds equity every month you make a payment. Value can rise or fall, which is why an estimate based on what you paid years ago, or on an online number, can be far off.

How many homeowners have no mortgage?

Nearly 40% of U.S. owner-occupied homes, by the Census Bureau's count. The Census Bureau's American Community Survey shows more owners holding their homes free and clear:

• 39.4% of U.S. owner-occupied homes had no mortgage in 2020-2024
• Up from 34.4% in 2010-2014
• The share rose in every state and the District of Columbia over that period

Time is the biggest factor. Owners who bought decades ago have had more years to pay down their loans and more years for values to change.

What does having more equity mean for you?

More choices. Owners with substantial equity usually have more choices about when to sell, how to price, and what to do next. Equity isn't just a number; it gives you room to decide on your own timeline.

How can Greater Boston homeowners use their equity?

Selling is only one option. Owners also:

• Downsize to reduce upkeep and free up cash
• Buy another property while keeping their current home
• Renovate instead of moving
• Make accessibility or safety improvements to stay in their home
• Help family members with housing or major expenses
• Stay put, knowing where they stand

You can also borrow against equity without selling. The Consumer Financial Protection Bureau describes three common options:

• Home equity line of credit (HELOC): a line of credit against your equity that you draw on as needed.
• Home equity loan: the full amount up front, repaid in fixed monthly payments.
• Cash-out refinance: a new, larger mortgage that replaces your current one, with the difference paid to you in cash. It often involves closing costs, and the CFPB advises weighing the new interest rate carefully, especially if it is higher than your current one.

All three use your home as collateral. Compare the terms and fees with a lender, and with a tax advisor if you plan to use the money for something other than the home.

Having a lot of equity doesn't mean you have to decide anything right away. It gives you more choices.

Why do homeowners underestimate their equity?

Some owners still think in terms of what they paid years ago. Others assume market changes don't reach their street. Recent sales near you are the most reliable guide to what your home is worth today.

How do you check your home equity without selling?

You don't have to be planning to sell to find out how much equity you have. If you're considering a sale, the seller net proceeds estimate shows what you might walk away with after costs. Juan Murray can also review your home's value with you using recent local sales.

FAQ

How do I find out how much equity I have in my Boston home?

Start with your home’s current market value based on recent sales of similar homes nearby, then subtract your remaining mortgage balance and any other loans secured by the home. A review of local sales is usually more accurate than an online estimate.

Has home equity increased in neighborhoods like Jamaica Plain and Roslindale?

For owners who keep paying down their loans, equity grows even when prices are flat. Recent prices have been mixed: MLS PIN data for June to August 2026 shows a median sale price of $844,500 in Jamaica Plain (ZIP 02130), down 2.3% from the same months in 2025, and $755,000 in Roslindale (ZIP 02131), down 8.8%. Short windows can swing, so look at your own home's comparable sales.

Do I need to sell my home to use my equity?

No. Some owners borrow against it with a HELOC, home equity loan, or cash-out refinance, all of which use the home as collateral. Others use it to plan a future move or purchase.

Is home equity the same across all Boston neighborhoods?

No. It depends on neighborhood, property type, and purchase year. From September 2025 through August 2026, the median single-family sale price was $1,435,000 in Jamaica Plain and $661,000 in Hyde Park (ZIP 02136), while the median Jamaica Plain condo sold for $768,750.

When is the right time to review my home equity?

Any time you are thinking about future housing plans, renovations, or helping family. You don't need to be selling to benefit from knowing your numbers.

The bottom line: your equity is your home's current value minus what you owe, and knowing that number gives you more choices whether you sell, stay or borrow.

Sources

• U.S. Census Bureau, Nearly 40% of U.S. Homeowners Did Not Have a Mortgage in 2024: https://www.census.gov/library/stories/2026/01/mortgage-free-homes.html
• CFPB, What other types of loans are similar to a HELOC?: https://www.consumerfinance.gov/ask-cfpb/what-other-types-of-loans-are-similar-to-a-heloc-en-253/
• MLS Property Information Network (MLS PIN) via Repliers, September 2025 through August 2026 (12-month medians) and June to August 2026 (three-month medians).

Have questions? Let's connect.

About Juan Murray

Juan Murray is a Boston broker associate with more than 30 years of experience helping buyers, sellers, and investors across Greater Boston, personally leading every transaction from the first conversation through closing.

RE/MAX Real Estate Center · (978) 581-0801

Equal Housing Opportunity. Juan Murray is licensed as a Broker in Massachusetts, regulated by the Massachusetts Board of Registration of Real Estate Brokers and Salespersons. This article is general information only and does not constitute legal, tax, or financial advice. Confirm your specific costs and obligations with your closing agent, tax advisor, or lender.