American households are sitting on unprecedented housing wealth. As of Q1 2025, they hold $34.5 trillion in home equity, representing a $600 billion increase from Q1 2024 and a $4.7 trillion jump from Q1 2023, when equity stood at $29.8 trillion. That rising cushion is translating into larger home equity loan offers, which averaged $144,330 nationwide in early 2025, up 38.6% from $104,102 in early 2023.
“Housing prices continue to rise in much of the country while people stay put in their current homes, reluctant to trade their current low mortgage rate for the higher rate that would come with a new mortgage,” said Matt Schulz, LendingTree Chief Consumer Finance Analyst. “The longer they stay in their home, the more of their mortgage they pay off. Combine that with increasing home prices and you get significantly higher home equity. That’s a big deal for homeowners.”
Here’s what a recent LendingTree report revealed.
Loan Offers Vary Dramatically by State
At the top of the scale is Hawaii, where home equity loan offers average $493,143. That’s well ahead of California ($326,923) and Utah ($323,702), which round out the top three. These same states have also seen the steepest growth in loan offers since 2023—soaring 323.0% in Hawaii, 258.2% in California, and 227.7% in Utah.
Unsurprisingly, these states also lead in housing costs. Hawaii’s median home value is $808,200, while California’s is $695,400. Monthly loan payments are highest in these states, too ($4,223 in Hawaii, $2,740 in California, and $2,713 in Utah).
On the other end of the spectrum, West Virginia homeowners are offered an average of just $64,916, the lowest in the nation. Iowa ($72,817) and Arkansas ($81,645) round out the bottom trio. West Virginia also records the smallest monthly payments at $502, alongside the lowest median home value at $155,600.
The gap between high and low states is widening fast. In 2023, the highest offers were roughly double the lowest. Now, Hawaii’s average is more than seven times larger than West Virginia’s.
Some states are not only low but moving in the wrong direction. New Hampshire, Pennsylvania, and West Virginia have all seen loan offers drop between 2023 and 2025 (by 28.8%, 26.6%, and 24.1%, respectively).
What Bigger Offers Mean for Homeowners
Schulz notes that higher offers open up new opportunities: “That extra money can go toward doing a more substantial home renovation, consolidating other debts, paying educational expenses or even starting a small business. Ultimately, it gives you options.”
Because interest rates on these loans remain relatively stable, averaging 7.37% nationwide, with the lowest at 7.07% in West Virginia and New Hampshire, the bigger differences across states come from loan amounts, home values, and local housing market dynamics.
For now, the combination of rising home values and long-term mortgage lock-ins is keeping household equity at record highs. As the state-by-state disparities show, however, not all homeowners are in the same position when it comes to cashing out their share of the $34.5 trillion in U.S. housing wealth.
