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.
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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.
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Alabama
- Average home equity loan: $35,598
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Alaska
- Average home equity loan: $58,802
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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This article originally appeared on GOBankingRates.com: Home Equity Loans Are Becoming More Popular — The Average One in Each State
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