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.
Also see five myths about home equity loans .
Alabama Average home equity loan: $35,598 Read Next: Here’s the Income Needed To Be in the Top 1% in All 50 States
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Terry Straehley / Shutterstock.com Alaska Average home equity loan: $58,802 Learn More: Here’s the Salary Needed to Actually Take Home $100K in Every State
DenisTangneyJr / Getty Images/iStockphoto
Arizona Average home equity loan: $40,494 BlazenImages / Getty Images/iStockphoto Arkansas Average home equity loan: $42,858 ©Zillow
California Average home equity loan: $61,094 ©Courtesy of HomeAway Colorado Average home equity loan: $49,951 For You: 3 Best States To Buy Property in the Next 5 Years, According to Experts
©Zillow
Connecticut Average home equity loan: $57,307 Robert Kirk / Getty Images/iStockphoto Delaware Average home equity loan: $37,846 ©iStock.com
Florida Average home equity loan: $40,637 Jacob Boomsma / Getty Images/iStockphoto Georgia Average home equity loan: $42,892 Trending Now: 20 Best Cities Where You Can Buy a House for Under $100K
ejs9 / Getty Images Hawaii Average home equity loan: $98,057 ©Thousand Springs Winery Bed and Breakfast Idaho Average home equity loan: $50,733 Jasperdo / Flickr.com Illinois Average home equity loan: $33,659 Coy St. Clair / Shutterstock.com Indiana Average home equity loan: $35,921 Be Aware: 5 Types of Homes That Will Plummet in Value in 2024
NNehring / Getty Images Iowa Average home equity loan: $44,730 cweimer4 / Getty Images Kansas Average home equity loan: $34,286 ©Zillow Kentucky Average home equity loan: $49,848 Rauluminate / Getty Images Louisiana Average home equity loan: $38,341 Try This: What the Upper Middle Class Make in Different US Cities
Sean Pavone / Shutterstock.com Maine Average home equity loan: $68,320 DenisTangneyJr / Getty Images/iStockphoto Maryland Average home equity loan: $38,191 APCortizasJr / Getty Images Massachusetts Average home equity loan: $58,955 Anne Kitzman / Shutterstock.com Michigan Average home equity loan: $36,136 Explore More: 8 Places Where Houses Are Suddenly Major Bargains
Jacob Boomsma / Getty Images/iStockphoto Minnesota Average home equity loan: $52,743 peeterv / Getty Images/iStockphoto Mississippi Average home equity loan: $29,065 Paul Sableman / Flickr.com Missouri Average home equity loan: $38,349 constantgardener / Getty Images Montana Average home equity loan: $66,786 Consider This: 5 Cities Where Homes Will Be a Total Steal In Two Years
Joseph Sohm / Shutterstock.com Nebraska Average home equity loan: $49,668 LPETTET / Getty Images/iStockphoto Nevada Average home equity loan: $48,153 DenisTangneyJr / Getty Images New Hampshire Average home equity loan: $57,504 Richard A. McGuirk / Shutterstock.com New Jersey Average home equity loan: $52,977 Read More: These 5 Cities Are Becoming Unpopular With Baby Boomers: Here’s Why
Davel5957 / Getty Images/iStockphoto New Mexico Average home equity loan: $43,620 Boogich / Getty Images/iStockphoto New York Average home equity loan: $45,189 ©Shutterstock.com North Carolina Average home equity loan: $45,464 YinYang / Getty Images North Dakota Average home equity loan: $62,908 Check Out: These Are America’s Wealthiest Suburbs
halbergman / iStock.com Ohio Average home equity loan: $38,929 Svineyard / Shutterstock.com Oklahoma Average home equity loan: $38,596 Sheila Sund / Flickr.com Oregon Average home equity loan: $50,319 Wirestock / Getty Images/iStockphoto Pennsylvania Average home equity loan: $46,026 Learn More: 6 Best Cities To Buy Property in the Next 5 Years, According to Real Estate Agents
DenisTangneyJr / Getty Images/iStockphoto Rhode Island Average home equity loan: $45,705 StacieStauffSmith Photos / Shutterstock.com South Carolina Average home equity loan: $47,034 DenisTangneyJr / Getty Images/iStockphoto South Dakota Average home equity loan: $74,524 Lorraine Boogich / Getty Images Tennessee Average home equity loan: $45,298 Trending Now: 6 Best Florida Suburbs to Buy Property in the Next 5 Years, According to Real Estate Agents
RoschetzkyIstockPhoto / iStock.com Texas Average home equity loan: $52,065 ©Shutterstock.com Utah Average home equity loan: $62,241 marchello74 / iStock.com Vermont Average home equity loan: $50,764 Josh / Flickr.com Virginia Average home equity loan: $49,511 Find Out: 5 Worst Florida Cities To Buy Property in the Next 5 Years, According to Real Estate Agents
fotoVoyager / Getty Images Washington Average home equity loan: $59,269 ©Shutterstock.com West Virginia Average home equity loan: $33,511 Ultima_Gaina / Getty Images Wisconsin Average home equity loan: $36,644 Ken Schulze / Shutterstock.com Wyoming Average home equity loan: $60,564
This article originally appeared on GOBankingRates.com : Home Equity Loans Are Becoming More Popular — The Average One in Each State
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