The average homeowner gained $64,000 in equity over the past year.

If you own a home, your net worth likely just got a big boost thanks to rising home equity. Equity is the current value of your home minus what you owe on the loan.

Today, based on recent home price appreciation, you're building that equity far faster than you may expect. Here's how it works:

Because there's an ongoing imbalance between the number of homes available for sale and the number of buyers looking to make a purchase, home prices are on the rise.

That means your home is worth more in today's market because it's in high demand. Your home value has likely climbed so much, your equity has increased too.

According to the latest homeowner equity insights from Core Logic, the average homeowner's equity has grown by $64,000 over the last 12 months. Well, that's a nationwide number.

If you want to know what's happening in your area, look at the map here. It breaks down the average year-over-year equity growth for each state using data from Core Logic. So if you've been holding off on selling, or you're worried about being priced out of your next home because of today's ongoing home price appreciation, rest assured.

Your equity can help fuel your move.

Bottom line, if you're planning to make a move, the equity you've gained can make a big impact. Find out just how much equity you have in your current home and how you can use it to fuel your next purchase using our home valuation tool.