Home Equity Loans Are Becoming More Popular — The Average One in Each State

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 YearsHelping You Live Richer

Reviewed by Experts

Trusted by Millions of Readers

With home values continuing to rise around the country, it’s no surprise that people are learning to take advantage of the equity in their homes by taking out home equity loans. People may take them out to renovate their home, to consolidate credit card debt or for other immediate cash needs.

According to Experian data, these loans are actually becoming more popular in this time of high interest rates, as they can often offer a better rate than other loan products. Home equity loan originations rose 4.5% from June 2023 to June 2024.

While the national average of all home equity loans is $46,700, the average amount that homeowners borrow varies from state to state. Here, GOBankingRates looks at the average amount of these loans in each state.

Also see five myths about home equity loans.

Alabama

Average home equity loan: $35,598

Alaska

Average home equity loan: $58,802

Arizona

Average home equity loan: $40,494

Arkansas

Average home equity loan: $42,858

California

Average home equity loan: $61,094

Colorado

Average home equity loan: $49,951

Connecticut

Average home equity loan: $57,307

Delaware

Average home equity loan: $37,846

Florida

Average home equity loan: $40,637

Georgia

Average home equity loan: $42,892

Hawaii

Average home equity loan: $98,057

Idaho

Average home equity loan: $50,733

Illinois

Average home equity loan: $33,659

Indiana

Average home equity loan: $35,921

Iowa

Average home equity loan: $44,730

Kansas

Average home equity loan: $34,286

Kentucky

Average home equity loan: $49,848

Louisiana

Average home equity loan: $38,341

Maine

Average home equity loan: $68,320

Maryland

Average home equity loan: $38,191

Massachusetts

Average home equity loan: $58,955

Michigan

Average home equity loan: $36,136

Minnesota

Average home equity loan: $52,743

Mississippi

Average home equity loan: $29,065

Missouri

Average home equity loan: $38,349

Montana

Average home equity loan: $66,786

Nebraska

Average home equity loan: $49,668

Nevada

Average home equity loan: $48,153

New Hampshire

Average home equity loan: $57,504

New Jersey

Average home equity loan: $52,977

New Mexico

Average home equity loan: $43,620

New York

Average home equity loan: $45,189

North Carolina

Average home equity loan: $45,464

North Dakota

Average home equity loan: $62,908

Ohio

Average home equity loan: $38,929

Oklahoma

Average home equity loan: $38,596

Oregon

Average home equity loan: $50,319

Pennsylvania

Average home equity loan: $46,026

Rhode Island

Average home equity loan: $45,705

South Carolina

Average home equity loan: $47,034

South Dakota

Average home equity loan: $74,524

Tennessee

Average home equity loan: $45,298

Texas

Average home equity loan: $52,065

Utah

Average home equity loan: $62,241

Vermont

Average home equity loan: $50,764

Virginia

Average home equity loan: $49,511

Washington

Average home equity loan: $59,269

West Virginia

Average home equity loan: $33,511

Wisconsin

Average home equity loan: $36,644

Wyoming

Average home equity loan: $60,564

More From GOBankingRates

Advertiser Disclosure