Most homeowners don’t check their equity very often. It quietly grows in the background, month by month—and before you know it, you could be sitting on a surprisingly valuable asset. In fact, national data shows that over 40% of U.S. homeowners now own their homes outright, with no mortgage at all. That’s a pretty incredible stat when you stop to think about it.

And while that might sound like something that only applies to retirees or longtime owners, it actually tells us something really important: your home might be worth more than you realize, and your equity could be a powerful financial tool.

So whether you’re planning your next move, thinking about retirement, or simply want to feel more confident about your finances—knowing where you stand with equity is a smart place to start.

What Exactly Is Home Equity?

Let’s break it down in plain English: home equity is the difference between your home’s current market value and what you still owe on your mortgage.

Say your home in Viera or Melbourne could sell for $550,000 today, and your remaining mortgage balance is $250,000. That means you’ve built up $300,000 in equity.

And here’s the thing—that equity builds over time, often without you even realizing it. Each mortgage payment chips away at your loan, and as local home values rise (which they have in much of Brevard County over the past few years), that gap gets even bigger.

This is why many homeowners who bought 10, 15, even 20 years ago are now in a much stronger financial position than they might think.

Why More Homeowners Are Becoming Mortgage-Free

The latest numbers from the U.S. Census Bureau show a clear trend:

• 40.3% of U.S. homeowners now own their homes mortgage-free

• That’s up from 39.8% in 2023

• And way up from 32.8% in 2010

What’s driving it? Time.

As homeowners stay in their properties longer, especially those who locked in low interest rates years ago, more of them are reaching the point where their mortgage is paid off—or very close to it.

Among homeowners aged 65 and up, nearly two-thirds now own their homes outright. That’s a huge shift, and it reflects just how much wealth is being built through long-term homeownership.

What This Means for You (Even If You Still Have a Mortgage)

When a large portion of homeowners aren’t carrying mortgage debt, the market starts to behave differently. There’s less financial pressure to sell quickly, more room for flexibility, and generally more stability.

But the bigger picture is this: equity gives you options. It’s not just a number—it’s leverage.

You might start to realize you’re in a position to:

• Downsize and free up cash

• Buy another property (maybe a beach condo or investment rental in Cocoa Beach)

• Renovate your current home instead of moving

• Make upgrades to age-in-place comfortably

• Help a loved one with housing or education costs

• Simply stay put—knowing you’re in a strong, secure position

Curious How You Might Use Your Equity?

If you’re like most homeowners I talk to, you’re not necessarily looking to sell tomorrow—but you are starting to think about your next chapter. That’s where understanding your equity becomes really helpful.

Some folks explore:

• A personalized equity review

• Home equity loans or HELOCs for projects

• Tax strategies or estate planning with a financial advisor

Even if you’re not taking action right away, knowing your options can bring real peace of mind.

Why So Many People Underestimate Their Equity

If it’s been a few years since you checked your home’s value—or you’re still thinking in terms of what you paid way back when—you’re not alone.

A lot of homeowners in Brevard assume the market hasn’t changed much in their neighborhood. But local home values have been quietly rising in areas like Suntree, Palm Bay, and Rockledge. Even modest year-over-year gains can translate into tens (or hundreds) of thousands of dollars in additional equity.

Let’s Take a Look Together

You don’t need to be planning a move to check in on your equity. In fact, just knowing where you stand can help you make smarter choices down the line—on your timeline, not anyone else’s.

If you’re curious what your home might be worth in today’s market—or if you want to get a better sense of your financial picture—I’d be happy to put together a local, personalized equity review for you.

It’s low-pressure, totally free, and might be one of the most empowering financial steps you take this year.

Just reach out when you’re ready—I'm here to help.

Sources: Fast Company, BAM, ResiClub