For many retirees, their home isn’t just where they live. It may also be one of the most valuable assets they own, particularly for those who bought years ago and have watched property values rise over time.
A July 2026 study from Everest Mortgages looked at homeowners age 65 and older across the country to see where older Americans have accumulated the most housing wealth. Based on average home equity, these 10 places came out on top.
Hawaii
Hawaii takes the top spot, with homeowners age 65 and older holding an average of about $471,000 in home equity. Given the state’s expensive housing market, longtime homeowners may find themselves sitting on considerable wealth simply because of how much value is tied up in their property.
The findings also show just how prominent older homeowners are in Hawaii. People 65 and older account for a substantial share of homeowners in the state, making housing an especially important part of the financial picture for many older residents.
California
California ranks second, with older homeowners averaging about $349,000 in home equity. Decades of rising home prices have left many longtime California homeowners with an asset that may be worth considerably more than what they originally paid.
California also stands apart when looking at housing wealth collectively. Homeowners 65 and older hold an estimated $2.7 trillion worth of real estate, more than any other state included in the research.
District of Columbia
Washington, D.C., comes in third, with older homeowners averaging approximately $262,000 in equity. While the District has far fewer retirees who own homes than larger states such as California or Florida, its expensive real estate market helps push the average higher.
For older residents who purchased property years ago, that can mean a significant amount of their wealth is now concentrated in their home.
Massachusetts
Massachusetts ranks fourth, with average home equity of roughly $236,000 among homeowners 65 and older. The state’s relatively high property values have helped longtime homeowners build substantial equity over the years.
That home equity can become especially significant during retirement, when a house that was originally purchased simply as a place to live may now represent one of a household’s largest assets.
Washington
Older homeowners in Washington have an average of about $228,000 in home equity. The state has experienced significant housing appreciation over the years, leaving many people who stayed in their homes with considerable value tied up in their property.
For retirees who have paid down most or all of their mortgage, that can leave them in a very different financial position from someone entering today’s housing market.
New York
New York comes next, with homeowners 65 and older averaging around $216,000 in home equity. The amount varies considerably depending on where someone lives in the state, but overall, older homeowners hold a sizable amount of wealth through real estate.
New York also has one of the largest populations of older homeowners in the research, making their collective stake in the state’s housing market particularly significant.
Colorado
Colorado’s older homeowners have an average of approximately $205,000 in home equity. Rising property values have helped turn homes into increasingly valuable assets for many people who purchased before today’s higher prices.
For retirees who have lived in the same home for years, much of that value increase may exist on paper rather than as spendable retirement income, but it still represents substantial household wealth.
Florida
Florida has long been associated with retirement, so its appearance near the top of the list isn’t particularly surprising. Homeowners age 65 and older have an average of approximately $204,000 in home equity.
Older residents also make up a large portion of Florida’s homeowner population. With so many retirees owning property, housing wealth plays an especially prominent role in the finances of older households across the state.
Oregon
Oregon ranks ninth, with older homeowners averaging approximately $202,000 in home equity. For retirees who purchased before home prices climbed, years of ownership may have built a sizable amount of wealth in their property.
That doesn’t necessarily mean these homeowners have hundreds of thousands of dollars readily available to spend. Home equity generally remains tied to the property unless the owner sells, borrows against the home, or otherwise accesses it.
Rhode Island
Rhode Island rounds out the top 10, with homeowners age 65 and older averaging around $199,000 in home equity. Despite being the smallest state, its older homeowners have accumulated enough housing wealth to place it alongside much larger states in the ranking.
The findings remind us that retirement wealth doesn’t always show up in a bank or investment account. For many longtime homeowners, a significant portion of what they’ve built over the years is sitting in the house they still call home.
