It really pays to be a homeowner – you wouldn’t believe how much actually!

Nationally, the average homeowner with a mortgage saw their equity shoot up by nearly $16,200 in the past year alone, according to CoreLogic. That is basically a 12.3% annual increase which is thanks to the fast-rising home prices across the country!

“It’s good news if you’re an existing homeowner. … You can certainly use that additional wealth as collateral you could borrow against if you’re looking to make some home improvements,” says CoreLogic’s chief economist, Frank Nothaft. “But it’s probably not good news if you’re in the market looking to buy.”

Folks who were homeowners on the West Coast accrued even more equity. In just one year, those who were homeowners in California gained an average of $48,800 in home equity! Definitely the most in the country.

“The first half of 2018 was probably the most ferocious market since the year 2000 in terms of buyer demand, competition between buyers, and overbidding,” says Patrick Carlisle, chief market analyst of the Bay Area for the real estate firm Compass.

More homes are expected to go on the market there this Fall, and that will check the prices somewhat. If buyers have more inventory to choose from then prices are less likely to be driven up in bidding wars.

“There does come a limit on what people can afford to pay for a home,” Carlisle says.

The Golden State was followed by Washington, where average home equity was up $41,100; Nevada, at $32,193; Hawaii, at $29,565; and Massachusetts, at $23,527.

But in three states, equity actually fell—by $1,078 in Louisiana, $910 in Connecticut, and $773 in North Dakota. The other bottom states were Oklahoma, where equity rose an average of just $2,226, and Iowa, at $4,386.

Nationally, 4.3% of homes, or about 2.2 million properties, were underwater in the second quarter of this year. That percentage is down 20.1% year over year.