Construction Coverage has just released a new report looking at the U.S. locations whose homeowners are investing the most in home improvements.
During the early days of the COVID-19 pandemic, homeowners nationwide used their spare time to tackle overdue home projects. As the year continued, a combination of factors, including low interest rates and rising home prices, helped fuel a surge in home renovations, improvements, and remodels—trends that continued into 2022, despite the COVID-19 recession.
Analyzing the latest data from the FFIEC, U.S. Census Bureau, and Zillow, researchers ranked metros and states according to the number of home improvement loans per 1,000 owner-occupied households. These are the key takeaways from the report on New York State:
- Homeowners in New York State took out 7.8 home improvement loans per 1,000 owner-occupied households in 2022.
- The median home improvement loan amount in New York State was $75,000.
- Nationally, homeowners took out 8.8 home improvement loans per 1,000 owner-occupied households during that time period, at a median loan amount of $75,000.
Here is a link to the complete results of the analysis, with data on more than 300 metros and all 50 states.
