Home Improvement Loan Approvals by Location | Northwest & National News

Utah residents invested most in home improvements in 2022

Source: Construction Coverage analysis of Home Mortgage Disclosure Act data | Image Credit: Construction Coverage

Investing in home improvements varies by location due to factors such as cost of living, local economic conditions, and the housing market. Notably, the Pacific Northwest, Mountain West, and New England stand out for their high spending in 2022.

At the state level, homeowners in Utah and Idaho—two of the top 10 fastest-growing states—took out the most home improvement loans per capita, at 26.0 and 18.9 loans per 1,000 homeowners, respectively. Other top states include neighboring Colorado, Washington, and Oregon, as well as Rhode Island, New Hampshire, Massachusetts, and Vermont in New England. At the other end of the spectrum, homeowners in Alaska took out the fewest home improvement loans, at just 1.6 loans per 1,000 homeowners.

Similar trends hold at the local level where fast-growing parts of Utah, Idaho, Colorado, Washington, and Oregon claim many of the top spots for home improvement spending. The Salt Lake City metro ranks first among large metros, Provo, UT claims the top spot among midsize metros, and Coeur d’Alene, ID sits at the top of the small metros list followed closely by Logan, UT.

The tables below contain statistics for all major U.S. metropolitan areas and all 50 states. The research was conducted by Construction Coverage, a website that compares construction software and insurance, using the latest data from the Home Mortgage Disclosure Act.