Home Equity Line of Credit (HELOC) Statistics

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ByNathan Paulus
Reviewed byTimothy Manni
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ByNathan Paulus
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Reviewed byTimothy Manni
Edited byRae Osborn
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Updated: January 31, 2024

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A home equity line of credit, commonly known as a HELOC, allows homeowners to borrow against their home equity. As of Q2 2023, the New York Federal Reserve reports $340 billion in outstanding HELOC debt from 13.1 million active HELOC accounts. Homeowners carry an average outstanding balance of $25,974 out of an average total credit limit of $69,519.

  • As of Q2 2023, there is $340 billion in outstanding HELOC debt held by 13.1 million active HELOC accounts.
  • The average HELOC balance per account is $25,974.
  • The average credit limit per account is $69,519, for a total of $910 billion, indicating that HELOC account owners utilize 37% of their available credit on average.
  • Total outstanding HELOC debt declined 27% between 2018 and Q2 of 2021, partly driven by pandemic relief programs. However, since Q2 2021, the total outstanding balance of HELOC debt has increased by 6%.
  • As of 2022, individuals aged 42–57 (Gen X) hold the highest HELOC balance at $48,509.
  • Borrowers in Utah and Idaho experienced the most significant HELOC balance surges, with increases of 18% each in 2022.

Source: New York Federal Reserve, Experian

Number of HELOC Accounts

From Q1 2018 to the end of 2021, HELOC accounts gradually declined from 15.8 million to 12.8 million, marking a nearly 19% drop. The number of HELOC accounts increased to 12.8 million in Q2 2022; by year’s end, accounts climbed to 13.1 million. This upward trend extended into early 2023 but experienced a minor drop in the second quarter.


Average HELOC Balance by Account

The average HELOC balance per account steadily declined from $27,919 in Q1 2018 to $24,484 by Q2 2021. The trend shifted slightly post-Q2 2021, with accounts fluctuating and balances reaching $25,974 by Q2 2023.


Total Outstanding HELOC Balance

The total outstanding HELOC balance stood at $340 billion in early 2018 and experienced a gradual decrease, bottoming out at $840 billion in Q3 2021. However, starting in late 2021, there was a rebound, with the total nationwide balance climbing back to $340 billion by Q2 2023.

Average HELOC Limit

In Q1 2018, the average HELOC limits started at $59,645, rising to $64,000 by the end of 2020, marking a 7% increase and indicating an upward trend. A HELOC limit is the maximum amount a homeowner can borrow using a home equity line of credit.

In 2021, the average limit rose from $64,179 in Q1 to $66,667 in Q4. It experienced fluctuations in the following year, 2022, particularly between Q1 and Q3, but ended at $67,835. By Q2 2023, it reached $69,519, likely driven by banks offering higher credit limits due to rising home values.


Average HELOC Available Credit

From Q1 2018 to Q2 2023, there was notable growth in the average available credit for HELOC accounts. Available HELOC credit refers to the amount a homeowner can borrow against their home equity at any given time. This credit rose from $31,726 in Q1 2018 to $38,545 by the close of 2020 — a 22% increase in just three years.

2021 took this trend a step further. At the start of the year, the average available credit stood at $39,552 and surged to $41,569 by the year's end, following a steeper growth trajectory. 2022 saw minor fluctuations, but growth prevailed.

By Q2 2023, the figure reached $43,545, reflecting the rising average HELOC limits. The increased available credit could also reflect homeowners exercising restraint in utilizing their HELOCs, leaving a larger chunk of their credit untouched.


Average HELOC Balance by Age

HELOC balances among different age groups reveal a distinct trend: younger homeowners, especially those aged 26–41, tend to maintain higher average balances than older age groups. Between 2021 and 2022, this age group experienced an increase in their average HELOC balances, while those 58 and older experienced a decrease.

  • 18–25 Age bracket: Showed a slight increase from $36,590 in 2021 to $37,756 in 2022.
  • 26–41 Age bracket: This group has the highest balances, increasing from $41,441 in 2021 to $46,232 in 2022.
  • 42–57 Age bracket: Also increased from $45,138 in 2021 to $48,509 in 2022.
  • 58–76 Age bracket: Balances remained relatively stable, with a minor decrease from $38,297 in 2021 to $38,162 in 2022.
  • 77 and Older: Experienced a decline from $33,201 in 2021 to $32,719 in 2022.

These figures suggest that homeowners in their prime earning years (26–57) are more inclined to leverage their home equity. In contrast, those approaching or in retirement (58 and older) tend to have lower HELOC balances, indicating a shift in financial strategy or needs.


HELOC Balances by State

In 2022, there were notable regional differences in HELOC balances across the U.S. Hawaii and California led with the highest overall balances. Conversely, states like Wisconsin and Iowa recorded lower averages.


Source: Experian

Greatest Changes in Average HELOC Balance by State

Analyzing state-wide average HELOC balances from 2021 to 2022 reveals significant shifts in homeowner borrowing patterns. Several states have high year-over-year changes, indicating evolving economic and real estate dynamics within those regions.


States With the Highest and Lowest Balances

In 2022, some states showed notably higher average balances, while others had more conservative figures. Let’s examine the states with the highest and lowest HELOC balances.

States With the Highest Average HELOC Balances
Average HELOC Balance







New Jersey


New York


States With the Lowest Average HELOC Balances
Average HELOC Balance 2022











HELOC Statistics FAQ

We've compiled a list of frequently asked questions for those new to home equity lines of credit or looking for a quick reference on HELOC statistics. Dive in to gain insights into the most common inquiries on the topic.

What is the total HELOC outstanding balance in the U.S.?
What is the average homeowner's HELOC outstanding balance?
What is the average HELOC limit?
How have HELOC trends changed over the years?
Why are HELOCs popular among homeowners?

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Pros and Cons of HELOC — Weigh the advantages and disadvantages of using a Home Equity Line of Credit, an essential resource for those considering this financial tool.

About Nathan Paulus

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Nathan Paulus is the Head of Content Marketing at MoneyGeek, with nearly 10 years of experience researching and creating content related to personal finance and financial literacy.

Paulus has a bachelor's degree in English from the University of St. Thomas, Houston. He enjoys helping people from all walks of life build stronger financial foundations.