Market Size of US Home Equity Lending Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Home Equity Lending Market Analysis
The US Home Equity Market generated a revenue of over USD 29.31 trillion in the current year and is anticipated to register a CAGR of more than 5% for the forecast period.
The smart choices for US home equity lending are a mortgage and a credit union. There is an increasing need for reliable lenders for consumers' home equity lending in order to prevent scams and get a reasonable rate. Some of the key services offered by credit unions include accepting deposits, managing checking and savings accounts, dispensing credit and debit cards, and providing house loans. There is an increasing preference for credit unions among customers as it offer loans at the cheapest rate on credit products such as mortgages. Hence, such factors are expected to fuel the growth of this segment which, in turn, will drive the US home equity lending market during the forecast period.
The factors that drive the US market for home equity loans include rising home prices, popular home innovations, lower interest payments, and tax deductions when compared to other borrowing methods. The elements that operate as a lucrative potential for the US home equity loans industry include the strong demand for home equity loans and their superiority over alternative borrowing options.
Since the COVID-19 pandemic, the US home equity lending market has undergone a complete transformation. Mortgage applications became more difficult. Home equity loan borrowers limited loan availability and more stringent approval standards as a result of the mortgage lenders' lower risk exposure. Lenders are coping with demand and personnel challenges as a result of the coronavirus outbreak.
