Florida homeowners continue to dominate the national housing market in equity gains, with South Florida ranking among the top metro areas for equity-rich properties, according to new data from real estate analytics firm ATTOM.
As of Q4 2024, 60.7% of Florida homes with mortgages were considered equity-rich—meaning they were worth at least 50% more than the remaining mortgage balance. While that number represents a slight dip from 62% in 2023, it still outpaces the national average of just 47.7%.
Miami-Dade County Leading the Pack
No Florida county has seen greater gains than Miami-Dade, where a staggering 64.4% of mortgaged homes are considered equity-rich—one of the highest percentages in the country. The county also boasts one of the lowest percentages of underwater homes at just 0.9%.
Palm Beach County followed closely, with 58.8% of mortgaged homes classified as equity-rich, and Broward County wasn’t far off at 56.2%.
Florida’s Hot Markets Keep Equity High
Several other major metro areas in the Sunshine State reported strong equity numbers:
North Port-Sarasota-Bradenton: 52%
Cape Coral-Fort Myers: 50.6%
Tampa-St. Petersburg: 49%
Orlando-Kissimmee: 48.4%
Jacksonville: 43.9%
While home values have skyrocketed, high mortgage rates haven’t deterred the flood of wealthy homebuyers relocating to South Florida, driving prices higher and increasing home equity. Real estate brokers cite ongoing migration from high-tax, high-regulation states as a key factor behind Florida’s booming real estate market.
As previously reported on Florida Jolt, Palm Beach County has seen an explosion of luxury home sales following Donald Trump’s return to Mar-a-Lago. The so-called “Trump bump” has fueled record-breaking transactions, attracting a wave of high-net-worth buyers eager to be part of Florida’s conservative stronghold. With inventory tight and demand surging, property values continue skyrocketing—driving home equity gains statewide.
Florida vs. Other Equity-Rich Markets
Only a handful of metro areas nationwide had a higher percentage of equity-rich homes than South Florida, including:
San Jose-Sunnyvale, CA: 68.5%
Los Angeles-Long Beach, CA: 64%
San Diego-Carlsbad, CA: 63.4%
Portland-South Portland, ME: 63.5%
Buffalo-Cheektowaga, NY: 60.9%
Knoxville, TN: 60.5%
With low foreclosure rates, continued demand, and no state income tax, Florida remains a top destination for homeownership and homeowners looking to build long-term wealth.
🚨 BOTTOM LINE: Florida homeowners are sitting on massive home equity gains, even as other markets struggle. Want a piece of the action? Now might be the time to buy before prices climb even higher.
**Source: BeachesMLS, Inc., South Florida Business Journal 2/3, & Florida Realtors 2/10. Lisa Gaal is a licensed real estate agent with Dale Sorensen Real Estate.
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