Editor’s Note: This story originally appeared on Construction Coverage.
Investing in home improvements varies by location due to factors such as cost of living, local economic conditions, and the housing market.
To find the locations investing the most in home improvement, researchers at Construction Coverage analyzed data from the Home Mortgage Disclosure Act. See details on the methodology at the end.
Here are the top cities spending the most on home improvements.
1. Salt Lake City-Murray, UT
- Home improvement loans per 1,000 owner-occupied households: 24.8
- Total annual home improvement loans: 7,530
- Median loan amount: $85,000
- Median interest rate: 4.75%
- Median home price: $532,850
2. Denver-Aurora-Centennial, CO
- Home improvement loans per 1,000 owner-occupied households: 19.1
- Total annual home improvement loans: 15,053
- Median loan amount: $105,000
- Median interest rate: 4.99%
- Median home price: $576,604
3. Portland-Vancouver-Hillsboro, OR-WA
- Home improvement loans per 1,000 owner-occupied households: 18.1
- Total annual home improvement loans: 11,295
- Median loan amount: $85,000
- Median interest rate: 4.50%
- Median home price: $542,378
4. Seattle-Tacoma-Bellevue, WA
- Home improvement loans per 1,000 owner-occupied households: 17.8
- Total annual home improvement loans: 17,190
- Median loan amount: $105,000
- Median interest rate: 4.99%
- Median home price: $706,085
5. Raleigh-Cary, NC
- Home improvement loans per 1,000 owner-occupied households: 17.2
- Total annual home improvement loans: 6,533
- Median loan amount: $85,000
- Median interest rate: 4.00%
- Median home price: $435,447$435,447
6. Grand Rapids-Wyoming-Kentwood, MI
- Home improvement loans per 1,000 owner-occupied households: 16.6
- Total annual home improvement loans: 4,976
- Median loan amount: $55,000
- Median interest rate: 4.75%
- Median home price: $311,514
7. Milwaukee-Waukesha, WI
- Home improvement loans per 1,000 owner-occupied households: 16.3
- Total annual home improvement loans: 6,416
- Median loan amount: $55,000
- Median interest rate: 2.99%
- Median home price: $331,904
8. Providence-Warwick, RI-MA
- Home improvement loans per 1,000 owner-occupied households: 15.6
- Total annual home improvement loans: 6,649
- Median loan amount: $85,000
- Median interest rate: 4.38%
- Median home price: $453,165
9. San Diego-Chula Vista-Carlsbad, CA
- Home improvement loans per 1,000 owner-occupied households: 15.1
- Total annual home improvement loans: 9,640
- Median loan amount: $125,000
- Median interest rate: 4.75%
- Median home price: $887,962
10. Columbus, OH
- Home improvement loans per 1,000 owner-occupied households: 14.3
- Total annual home improvement loans: 7,592
- Median loan amount: $75,000
- Median interest rate: 4.97%
- Median home price: $303,430
11. Boston-Cambridge-Newton, MA-NH
- Home improvement loans per 1,000 owner-occupied households: 14.3
- Total annual home improvement loans: 17,107
- Median loan amount: $105,000
- Median interest rate: 4.49%
- Median home price: $657,049
12. Phoenix-Mesa-Chandler, AZ
- Home improvement loans per 1,000 owner-occupied households: 14.3
- Total annual home improvement loans: 18,004
- Median loan amount: $105,000
- Median interest rate: 5.25%
- Median home price: $448,597
13. Charlotte-Concord-Gastonia, NC-SC
- Home improvement loans per 1,000 owner-occupied households: 13.0
- Total annual home improvement loans: 9,310
- Median loan amount: $85,000
- Median interest rate: 4.30%
- Median home price: $371,406
14. Sacramento-Roseville-Folsom, CA
- Home improvement loans per 1,000 owner-occupied households: 12.2
- Total annual home improvement loans: 6,805
- Median loan amount: $105,000
- Median interest rate: 4.99%
- Median home price: $565,904
15. Pittsburgh, PA
- Home improvement loans per 1,000 owner-occupied households: 12.2
- Total annual home improvement loans: 8,761
- Median loan amount: $55,000
- Median interest rate: 4.50%
- Median home price: $208,351
Methodology
To find the locations investing the most in home improvement, researchers at Construction Coverage analyzed the latest data from the Federal Financial Institutions Examination Council’s “2022 Home Mortgage Disclosure Act,” the U.S. Census Bureau’s “2022 American Community Survey,” and Zillow’s “Zillow Home Value Index.”
The researchers ranked metros according to the number of home improvement loans per 1,000 owner-occupied households.
In the event of a tie, the metro with the larger number of total annual home improvement loans was ranked higher. Researchers also calculated the median loan amount, median interest rate, and median home price.
Only conventional, single-family home improvement loans that were originated in 2022 were considered in the analysis. To improve relevance, only metropolitan areas with at least 100,000 residents and all available data were included in the analysis.
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