Press release from Lattice Publishing:
Construction Coverage just released a new report looking at the U.S. locations whose homeowners are investing the most in home improvements.
During the early days of the COVID-19 pandemic, homeowners nationwide used their spare time to tackle overdue home projects. As the year continued, a combination of factors, including low interest rates and rising home prices, helped fuel a surge in home renovations, improvements, and remodels—trends that continued into 2022, despite the COVID-19 recession.
Analyzing the latest data from the FFIEC, U.S. Census Bureau, and Zillow, researchers ranked metros and states according to the number of home improvement loans per 1,000 owner-occupied households. These are the key takeaways from the report on the Asheville metro area:
-Homeowners in the Asheville, NC metro area took out 11.1 home improvement loans per 1,000 owner-occupied households in 2022.
-The median home improvement loan amount in Asheville was $85,000.
-Nationally, homeowners took out 8.8 home improvement loans per 1,000 owner-occupied households during that time period, at a median loan amount of $75,000.
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