As of the second quarter of 2021, the average homeowner gained approximately $51,000 in equity. This begs the question, now that home values are rising, what should I do with the added equity? A popular trend is to make updates to the kitchen, bathrooms, or perhaps new flooring. Some are also considering using the added equity to pay off debt. So today, Josh Heape (Canopy Mortgage) and I are weighing in on that option. It's definitely not for everyone.