This year has brought many ups and downs, especially with the pandemic. COVID-19 has caused the housing market to boom. In fact, homeowners across the country are said to be collectively $1 trillion richer because of the pandemic-driven housing market.

According to CoreLogic, a company that provides information intelligence to identify and manage growth opportunities, improve business performance and manage risk, homeowners with mortgages have seen a 10.8% increase in their equity this past year. This adds up to a collective $1 trillion in gained equity. This means on average each American homeowner has gained $17,000, the biggest equity gain the country has seen in over six years.

The historically low foreclosure rates have helped with the equity gains because of the mortgage forbearance programs. These programs were put in place because of the pandemic to help borrowers who are struggling to keep their homes.

Supply and demand have also played a big role. The demand for housing is very strong. Historically low mortgage rates and the work/school-from-home culture have helped boost this demand. The mortgage rates have set 14 record lows in 2020.

Homeowners across the country saw different gains in each state. The states with the largest increase in home prices of course saw the biggest gains. The greatest amount was seen in Washington state with an average of $35,800, next was California with a $33,800 gain and in Massachusetts, homeowners saw an average of $31,200 gain in equity. On the flip side, North Dakota saw the lowest gain of only $5,400 because of the hard-hit they endured by the pandemic.

“Over the past year, strong home price growth has created a record level of home equity for homeowners,” said Frank Nothaft, chief economist at CoreLogic. “The average family with a home mortgage loan had $194,000 in home equity in the third quarter. This provides an important buffer to protect families if they experience financial difficulties.”

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