Homeowners in these 15 metro areas are spending big on home improvements
Metro area home improvement spending rose 13.8% in 2022, driven by work-from-home trends, aging homes, and homeowners choosing to renovate rather than move.
Your home equity grew by an average of $34,400 in 2022, giving you the financial confidence to invest in upgrades and remodeling projects.
Modernizing outdated systems like plumbing, windows, and electrical wiring keeps your home safe, efficient, and comfortable for the years ahead.
Hiring a local remodel design professional brings expertise to your renovation plans, helping you navigate permits, materials, and layout decisions with confidence.
Many signs show that 2022 has been a strong year for home remodeling—if homeowners can find contractors to do the work, according to Angi’s State of Home Spending Report.
Angi examined the annual Metro Area Home Improvement Projection report from Harvard University's Joint Center for Housing Studies to see which parts of the United States were estimated to see the most remodeling growth over 2022. The report, which was published in February 2022, projected that home improvement spending for the year would increase by 13.8% over the previous year across the 48 metro areas tracked by Harvard.
"Interest rates are having a negative effect, more so on new construction than remodeling, so it's not surprising that remodeler sentiment has so far managed to stay positive," National Association of Home Builders Chief Economist Robert Dietz told the magazine of the Mortgage Professionals of America in October 2022.
In addition to a cooling housing market that’s encouraging homeowners to stay put, work-from-home trends may also be a factor behind more home remodeling. A 2022 Gallup poll found that among employees with remote-capable jobs, 5 in 10 workers split working hours between in the office and at home, while 3 in 10 work fully remote. Spending additional hours at home inspired many to improve their spaces or renovate them to accommodate home offices.
Aging homes are also a reality for many homeowners—regular wear and tear over decades can make a home feel dated, making it less efficient and unsafe. According to the Census Bureau’s American Community Survey, the average age of the country’s housing units is around 40 years old, with 76% of homes built in 1999 or earlier. Modernizing everything from plumbing and windows to electrical wiring are all common reasons that homeowners decide to renovate.
These renovations can be easier to plan when homeowners feel confident they’re a good investment—and have the funds to pay for them. Despite a slower housing market, Corelogic reports a 15.8% year-over-year home equity growth in 2022, with the average mortgage holder increasing their home equity by $34,400 over the past year. Many homeowners are using the opportunity to upgrade, remodel, and invest in their homes.
While the overall forecast calls for continued growth in home improvement spending, the National Association of Home Builders expects a slower, smaller increase in remodeling activity in 2023, while the Joint Center for Housing Studies at Harvard anticipates a "sharp downturn" by the middle of next year. Let’s take a closer look at the U.S. metro areas where home improvement spending is rising the fastest.
Note: In the study, remodeling growth was largely forecast for the West and Sunbelt regions due to rapid home price appreciation and rising incomes in these areas. Analysis was limited to owner-occupied homes in those 48 major metropolitan areas. Metros include the central city as well as its surrounding towns and suburbs. Projected growth was determined using factors including remodeling permits, single-family home prices, and sales of building materials and garden supplies.
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- Projected 1-year home improvement spending growth (Q4 2022): 14.8%
- Projected 1-year home improvement spending growth (Q4 2022): 14.9%
- Projected 1-year home improvement spending growth (Q4 2022): 15.0%
- Projected 1-year home improvement spending growth (Q4 2022): 16.3%
- Projected 1-year home improvement spending growth (Q4 2022): 16.5%
- Projected 1-year home improvement spending growth (Q4 2022): 16.6%
- Projected 1-year home improvement spending growth (Q4 2022): 16.8%
- Projected 1-year home improvement spending growth (Q4 2022): 17.2%
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- Projected 1-year home improvement spending growth (Q4 2022): 17.3%
- Projected 1-year home improvement spending growth (Q4 2022): 17.5%
- Projected 1-year home improvement spending growth (Q4 2022): 19.1%
- Projected 1-year home improvement spending growth (Q4 2022): 19.2%
- Projected 1-year home improvement spending growth (Q4 2022): 20.3%
- Projected 1-year home improvement spending growth (Q4 2022): 21.9%
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- Projected 1-year home improvement spending growth (Q4 2022): 23.0%
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