HELOC Balances Are Increasing in All States — See Where Your State Ranks
Written by
Sarah Li Cain
Edited by
Rebekah Evans
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It seems like more and more homeowners are relying on their home equity. According to Experian research, 2024 was the third consecutive year that balances for home equity line of credits (HELOCs) went up. Last year, debt went up to $359.9 billion for all HELOCs across the U.S. The data also showed that for every new mortgage loan taken out, two new HELOCs have been opened since 2023.
This type of loan may seem attractive to homeowners because it’s a more flexible way to tap into home equity. If approved, you’ll be able to access a line of credit and can withdraw from it during the draw period as often as you’d like, as long as you keep paying down the balance.
Depending on factors such as your credit history and the amount of home equity you have, you could get approved for an HELOC limit anywhere from around $60,000 to $200,000. Of course, just because you’re approved for that amount, doesn’t mean your balance is anywhere near that.
So how does your state compare when it comes to HELOC balances?
HELOC Balances by State
The states where HELOC balances grew the highest don’t have major metropolitan areas except for North Carolina. See where your state ranks based on Experian data gathered from Q3 2024.
| State | Average HELOC Balance |
| Alabama | $40,664 |
| Alaska | $42,862 |
| Arizona | $50,890 |
| Arkansas | $38,814 |
| California | $66,525 |
| Colorado | $55,539 |
| Connecticut | $46,383 |
| Delaware | $42,220 |
| District of Columbia | $80,391 |
| Florida | $53,047 |
| Georgia | $45,769 |
| Hawaii | $89,399 |
| Idaho | $48,866 |
| Illinois | $35,756 |
| Indiana | $31,193 |
| Iowa | $30,361 |
| Kansas | $30,169 |
| Kentucky | $34,750 |
| Louisiana | $43,678 |
| Maine | $34,344 |
| Maryland | $44,323 |
| Massachusetts | $53,198 |
| Michigan | $34,579 |
| Minnesota | $33,800 |
| Mississippi | $35,321 |
| Missouri | $32,062 |
| Montana | $53,268 |
| Nebraska | $33,824 |
| Nevada | $56,154 |
| New Hampshire | $42,290 |
| New Jersey | $53,772 |
| New Mexico | $39,064 |
| New York | $51,664 |
| North Carolina | $36,690 |
| North Dakota | $36,193 |
| Ohio | $30,737 |
| Oklahoma | $44,674 |
| Oregon | $36,756 |
| Pennsylvania | $38,503 |
| Rhode Island | $46,361 |
| South Carolina | $37,697 |
| South Dakota | $37,104 |
| Tennessee | $50,148 |
| Texas | $59,316 |
| Utah | $55,840 |
| Vermont | $33,403 |
| Virginia | $41,647 |
| Washington | $53,740 |
| West Virginia | $29,222 |
| Wisconsin | $27,063 |
| Wyoming | $53,788 |
How To Manage a HELOC
No matter what your HELOC balance currently stands, it’s important to have a clear idea of what you’re borrowing and ensuring that you’re making on-time payments. Remember, a HELOC is essentially a second loan, meaning that when you take out this loan, you put up your home as collateral.
Missing or being late on payments can come with some huge consequences. Be sure to regularly check your statements, only borrow what you really need and be proactive in making plans on how you’ll make your debt payments. If at any time you find that you may struggle to make payments, reach out to your lender so that you can work out a plan.
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