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You are at:Home » Home Improvement Loan Applications in 2021: A State- and County-Level Analysis
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Home Improvement Loan Applications in 2021: A State- and County-Level Analysis

By Rent Magazine ContributorAugust 24, 20233 Mins Read
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The residential remodeling market experienced significant growth in 2021, driven by the pandemic’s impact on housing and lifestyle decisions. According to data from the National Income and Product Accounts (NIPA), expenditures on home improvements soared by 13% to $328 billion in 2021, up from $289 billion in 2020. This marked the largest increase since 1993, as high home prices, strong sales of existing homes, high incomes, and an aging housing stock fueled demand for remodeling activity.

State-Level Home Improvement Loan Applications

The 2021 Home Mortgage Disclosure Act (HMDA) data, released by the Consumer Financial Protection Bureau (CFPB), offers insights into home improvement loan applications across the U.S. California led the country with the highest number of home improvement loan applications, totaling 109,856. Florida followed closely behind with 82,341 applications. Conversely, Wyoming and Alaska had fewer than 1,000 applications each.

When examining the number of home improvement loan applications per 1,000 population, two Mountain states—Utah and Idaho—topped the list. Utah recorded 7.6 applications per 1,000 population, while Idaho was close behind at 7.4 applications per 1,000 population. Other states with high loan application rates included Rhode Island, New Hampshire, and Colorado, with Colorado reporting 5.3 applications per 1,000 population. Notably, California, despite its large population, had 2.8 applications per 1,000 people, which was lower than the national average of 3.3 applications per 1,000.

County-Level Trends in Home Improvement Loan Applications

At the county level, the data reveals interesting regional trends. While the population size of a county was not always correlated with the number of per capita home improvement loan applications, certain counties with lower populations exhibited notably high rates of loan applications. For example, Hinsdale County in Colorado, one of the least populous counties in the state, had 167 loan applications despite having fewer than 1,000 residents.

The analysis shows that home improvement loan applications were more common in the Pacific and Mountain regions. In total, 74 counties reported 10 or more home improvement loan applications per 1,000 residents, with nearly 72% of these counties located in the West. Among Colorado’s 64 counties, 27 had rates of 10 or more applications per 1,000 residents. Counties like Sedgwick, Costilla, Gilpin, Washington (all in Colorado), and Calhoun (Florida) had the highest application rates.

Conclusion

The 2021 data on home improvement loan applications highlights notable regional variations in remodeling activity. Builders, lenders, and homeowners can benefit from understanding these trends, which can help inform decisions about construction financing, loan terms, and regional market opportunities. By recognizing where home improvement loan activity is most prevalent, stakeholders in the construction and home improvement sectors can better tailor their strategies to meet the needs of specific markets.

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