flexiblefullpage - default
interstitial1 - interstitial
Currently Reading

Where Do Homeowners Take Out the Most Home Improvement Loans?

billboard -

Where Do Homeowners Take Out the Most Home Improvement Loans?

Homeowners may look to higher ticket projects in these states

By Caroline Broderick August 25, 2022
home loan
Photo: Mahi | stock.adobe.com

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



written by

Caroline Broderick

Caroline Broderick is the Managing Editor for Pro Remodeler. Most recently, she served as the associate editor for PR's sister publications, Pro Builder, Custom Builder, and PRODUCTS where she covered design, building products, trends, and more in the residential construction industry. She can be reached at cbroderick@sgcmail.com.

Add new comment

Plain text

  • No HTML tags allowed.
  • Web page addresses and email addresses turn into links automatically.
  • Lines and paragraphs break automatically.
leaderboard2 - default

Related Stories

Power Home Remodeling Now Offers Subsidized Childcare

The home improvement giant's move seeks to address a greater industry issue

Contractor Facing Lawsuit in ‘Major Case’ by Ohio Attorney General

An Ohio custom builder and remodeler faces a lawsuit after alleged losses exceeding $1 million

Learn from the Best in Home Improvement and Remodeling

This year’s Pinnacle Experience aims to help remodelers stay ahead of their competitors by featuring captivating keynote speakers and subject matter experts, collaborative roundtable discussions, and networking with proven players from across the country.

Registration Open for The Pinnacle Experience 2024

Register today for The Pinnacle Experience 2024 in Baltimore from June 26-28. Join the best and brightest in home improvement and remodeling for insight, advice, and relationship-building that will help you take your business to new heights.

Marvin Releases Switchable Privacy Glass Window

The privacy glass windows can be purchased from Marvin's Direct Glaze windows

Gas Ban in New Construction Considered by Chicago

The mayor-backed ordinance would impact all new construction

Working Toward Affordable, Resilient Homes

A new natural disaster protection act from NAHB aims to support hazard mitigation projects

The Remodeling Market Could Turn in Q4, Says Harvard

Repair and remodeling spending could see an uptick at the end of the year

Seattle Contractor Finds Grenade During Remodel

Polar Bear Construction Owner Vadim Kharkhavyy and the owner were equally shocked

New Independent Contractor Rule Faces Lawsuit

The Department of Labor submitted new criterion to judge when classifying workers

boombox2 -
halfpage2 -
native1 -

More in Category

native2 -
halfpage1 -
leaderboard1 -