Remodeling Survey: Hawaii Leads Nation in Home Renovation Plans
Photo via iStock.com.
The GetHearth.com Home Renovation Survey recently ranked the U.S. states with the most home renovations planned for the upcoming year.
To conduct the GetHearth.com Home Renovation Survey, the data scientists at Hearth —a financial technology startup that helps homeowners make smart renovation decisions—asked 2,000 American homeowners about their remodeling plans and habits for the upcoming year.
Ranking of U.S. States That Plan to Begin a Home Renovation in the Upcoming Year
Rhode Island (29%)
New Hampshire (24%)
South Dakota (17%)
New York (15%)
West Virginia (15%)
North Carolina (14%)
New Jersey (13%)
South Carolina (11%)
New Mexico (5%)
North Dakota (4%)
16% of American homeowners are thinking about renovating
11% say they’ve begun a renovation in the last 5 years, 16% plan to begin one in the next year, and 17% are saving money for a future renovation.
National ranking of rooms Americans want to renovate most
We asked, “If money was no object, which room would you renovate next in your home?”
Living room (12%)
Dining room (2%)
Guest room (2%)
12% of American homeowners finance renovations with a credit card
62% say their preferred renovation financing method is with savings or cash. Alarmingly, 12% say they’re most likely to use a credit card. Another 26% prefer financing with a loan.
1 in 3 American homeowners worry they won’t be able to afford renovations
29% say their biggest maintenance concern is not having enough money to finance home projects. Another 25% are concerned they won’t be able to fix necessary things in their home, while 19% are worried about not being able to get to the renovation projects they’d like.
15% of American homeowners never borrow money
When asked how they prefer to borrow money when they need it, 28% of American homeowners said they usually opt for bank loans. 17% prefer to borrow from credit unions, 15% take out personal loans, 12% borrow from family, 11% use credit cards, 1% use peer-lending providers, and 15% never borrow.
Read more about home remodeling.