Report: Texas homeowners rank 3rd lowest in home improvement spending

THE WOODLANDS, TX -- Construction Coverage just released the 2024 edition of its Home Improvement Spending Report. In it's key findings for Texas, it was revealed that, last year, homeowners in Texas took out 17,995 home improvement loans. Relative to the total number of homeowners in Texas, this is the 3rd fewest of any state (2.7 loans per 1,000 homeowners).

The report noted that the median loan amount for Texas borrowers was $85,000, and the median interest rate was 7.500%.

Amid high interest rates and elevated prices, 2023 was a down year for home improvement spending. According to loan-level data from the Home Mortgage Disclosure Act, the total number of single-family home improvement loans originated in the U.S. declined from nearly 745,000 in 2022 to just 565,000.

The Salt Lake City metro invested most into home improvements among all large U.S. metros, where 15.3 home improvement loans originated per 1,000 homeowners. Other top locations included neighboring Mountain West and Pacific Northwest states in Oregon, Colorado, and Washington, as well as Rhode Island, New Hampshire, Vermont, and Massachusetts in New England.

At the other end of the spectrum, homeowners in Louisiana took out the fewest home improvement loans, at just 2.1 loans per 1,000 homeowners. Homeowners in Mississippi, Texas, and Alaska also invested at less than half the national rate.

To read the entire Construction Coverage analysis of U.S. Bureau of Economic Analysis & U.S. Bureau of Labor Statistics data report, click on https://constructioncoverage.com/research/cities-investing-most-in-home-improvements.