Residential improvement activity remained solid in 2024, though growth has moderated from the surge seen in 2022. The market continues to be supported by an aging housing stock, elevated homeowner equity, and a growing need for aging-in-place improvements. According to the 2024 Home Mortgage Disclosure Act (HMDA) data, the number of home improvement loan applications declined 3% from a year earlier, while the total dollar volume of these loans held steady at approximately $144 billion, essentially unchanged from 2023.
In this article, NAHB’s analysis of the 2024 HMDA data provides insight into remodeling trends across states and counties nationwide. The 2024 HMDA data, published by Consumer Financial Protection Bureau (CFPB), includes detailed information on residential mortgage lending, such as loan purpose and type, loan characteristics, and demographic information about loan applicants.
State-Level Analysis:
Remodeling activity varies not only by borrowers’ age but also across geographic areas, reflecting differences in cost of living, local economic conditions, and house prices.
With respect to the total number of home improvement loan applications, California recorded the highest number in 2024, with 120,167 applications. Florida ranked second with 94,901 home improvement loan applications. At the other end of the spectrum, Wyoming, Alaska, and Puerto Rico had the lowest total numbers of home improvement loan applications, with 212, 1,397, and 1,600 applications, respectively.
When adjusting for population size, smaller states stand out. Rhode Island and New Hampshire recorded the highest number of home improvement loan applications per 1,000 people, at 6.0 and 5.6, respectively. Maine and Idaho ranked third and fourth, followed by Utah with 5.3 applications per 1,000 people.
Nationally, there were 3.5 home improvement loan applications for every 1,000 people in 2024. California, the nation’s most populous state, reported 3.0 applications per 1,000 people, which is lower than the national average.
County-Level Analysis:
The analysis of county-level home improvement loan applications per 1,000 people reveals that overall population size is not strongly correlated with per capita remodeling loan activity. In 2024, the ten most populous counties in the United States had an average of 2.6 home improvement loan applications per 1,000 people. Los Angeles County in California, one of the nation’s largest counties, reported 2.7 applications per 1,000 people.
In contrast, several counties with a lower population had higher levels of home improvement loan applications relative to their population. For example, Rich County in Utah, with roughly 3,000 people, had the highest level nationwide at 12.0 applications per 1,000 people. Camas County in Idaho, with approximately 1,000 people, ranked higher than 99.9% of U.S. counties on this measure.
Additionally, the analysis finds that home improvement loan applications are relatively more common in the Mountain and New England divisions. In total, there were 30 counties that reported 7 or higher home improvement loan applications per 1,000 people, and about 73% of these counties were located in the Mountain and New England divisions. None of these 30 counties were in the West South Central, or Pacific divisions.
The five counties with the highest number of home improvement loan applications relative to their population in 2024 were: Washington County (WI), Rich County (UT), Camas County (ID), Boise County (ID), and Nantucket County (MA).
