Top Markets for Remodeling in 2024
Residential improvement activity remained solid in 2024, 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.
NAHB analysis of the 2024 HMDA data — which includes detailed information such as loan purpose and type, loan characteristics, and demographic information about loan applicants — provides insight into remodeling trends across states and counties nationwide.The variation in remodeling activity across geographic areas reflects differences in cost of living, local economic conditions and house prices.
Top States for Remodeling Activity
Nationally, there were 3.5 home improvement loan applications for every 1,000 people in 2024.
Based on total number of loan applications, California — the nation’s most populous state — came out on top with 120,167 applications, followed by Florida with 94,901. However, when adjusting for population size, the smaller states stood out:
- Rhode Island (6.0 applications per 1,000 people)
- New Hampshire (5.6 applications)
- Maine (5.6 applications)
- Idaho (5.4 applications)
- Utah (5.3 applications)
In contrast, California was below the average with 3.0 applications for every 1,000 people.
Top Counties for Remodeling Activity
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. For example, in 2024, the 10 most populous counties in the United States had an average of 2.6 home improvement loan applications per 1,000 people, while the top counties for activity had more than 7.0 applications per 1,000.
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).
How did your market stack up in 2024? Check out the interactive maps in this Eye on Housing post.