LOS ANGELES–Americans are increasingly interested in home equity lines of credit, according to an analysis of Google searches.
“Analysis of Google search data reveals that searches for ‘heloc’ skyrocketed 305% in the United States as of July 2023 - the highest level in internet history for America,” according RubyHome, a luxury real estate platform, which conducted the analysis. “This comes as Americans face rising property and rent costs, with fears of a recession looming.”
The company noted the searches are coming at the same time the U.S. housing market has seen mortgage rates rising by more than 22% from one year earlier, according to Zillow.
The data show the average house price in America is up 1.2% in 2022 at $348,853.
According to RubyHome, the top ten states searching to HELOC the most are, in order of searches, Hawaii, Utah, Colorado, Washington, Idaho, Tennessee, California, Arizona, Nevada and Florida, according to the report.
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