Where Do Homeowners Take Out the Most Home Improvement Loans?
Throughout 2021, American homeowners took out more than 1 million home improvement loans, totaling $131 billion— nearly $30 billion more than 2020.
This is just one indicator of the rise in home improvement demand post-COVID. Looking deeper into the data, state information on these home improvement loans shows where homeowners are likely making larger-scale, bigger ticket improvements.
Portland Real Estate dug through data from the Consumer Financial Protection Bureau to identify the states with the highest rate of home improvement loans for 2021, including the average loan, number of loans, and total amount loaned.
These data sets were calculated by dividing the number of owner-occupied homes in each state by the number of home loans originated, in addition to dividing the total dollar amount of loans in each state by the number of loans taken out to find the average loan.
Additionally, if your market is in one of these states, considering a financing option for projects could be beneficial.
| State | Number of Loans | Portion of Homes with Loans | Total Amount Loaned | Average Loan Amount |
| Utah | 25,227 | 2.51% | $2.97 billion | $117,877 |
| Idaho | 14,160 | 2.18% | $1.88 billion | $132,540 |
| Rhode Island | 6,518 | 1.57% | $707.7 million | $108,582 |
| Colorado | 31,069 | 1.45% | $4.16 billion | $133,884 |
| New Hampshire | 7,419 | 1.38% | $856.1 million | $115,387 |
| Washington | 39,108 | 1.35% | $5.45 billion | $139,358 |
| Oregon | 21,394 | 1.30% | $2.74 billion | $128,013 |
| Massachusetts | 33,986 | 1.28% | $5.32 billion | $156,645 |
| Arizona | 33,798 | 1.28% | $4.39 billion | $129,895 |
| Delaware | 4,528 | 1.22% | $434.8 million | $96,020 |
| Pennsylvania | 60,798 | 1.19% | $5.52 billion | $90,860 |
| Florida | 82,289 | 1.04% | $10.02 billion | $121,751 |
| Ohio | 48,502 | 1.03% | $4.0 billion | $82,464 |
| Vermont | 2,687 | 1.02% | $286.9 million | $106,764 |
| New Jersey | 32,745 | 1.0% | $4.44 billion | $135,664 |
