10 Hottest Hous­ing Mar­kets for Home Im­prove­ment Loans

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Hous­ing mar­ket con­di­tions are prompt­ing many older home­own­ers to age in place and ren­o­vate, rather than sell and pur­chase an­other home. And while some may opt to re­build with sav­ings or home eq­uity lines of credit, larger projects have home­own­ers uti­liz­ing home im­prove­ment loans to fund their re­mod­els, ac­cord­ing to Lend­ingTree.

Grow­ing prop­erty val­ues, ris­ing mort­gage rates and lim­ited home in­ven­tory con­tinue ex­tend­ing home­own­er­ship ten­ure to nearly dou­ble lev­els seen since the early 2000s, ac­cord­ing to At­tom Data So­lu­tions.

Here’s a look at the 10 hous­ing mar­kets us­ing the most home eq­uity loans. The rank­ings, de­rived from a Lend­ingTree re­port, are based on an anal­y­sis of 2017 Home Mort­gage Dis­clo­sure Act data to mea­sure the 50 largest cities by the vol­ume of home im­prove­ment loans as a per­cent­age of the to­tal hous­ing units in a city.

No. 10Sacra­mento, Calif.Rate of home im­prove­ment loans: 0.55% Me­dian loan amount: $173,000 Me­dian in­come: $89,000

No. 7Den­ver, Colo.Rate of home im­prove­ment loans: 0.60% Me­dian loan amount: $184,000 Me­dian in­come: $81,000

No. 8Min­neapo­lis, Minn.Rate of home im­prove­ment loans: 0.59% Me­dian loan amount: $60,000 Me­dian in­come: $86,000

No. 5Bos­ton, Mass.Rate of home im­prove­ment loans: 0.65% Me­dian loan amount: $70,000 Me­dian in­come: $104,000

No. 6Port­land, Ore.Rate of home im­prove­ment loans: 0.64% Me­dian loan amount: $199,000 Me­dian in­come: $83,000

No. 9Vir­ginia Beach, Va.Rate of home im­prove­ment loans: 0.56% Me­dian loan amount: $16,000 Me­dian in­come: $67,000

No. 4Pitts­burgh, Pa.Rate of home im­prove­ment loans: 0.70% Me­dian loan amount: $28,000 Me­dian in­come: $69,000

No. 2San Jose, Calif.Rate of home im­prove­ment loans: 0.75% Me­dian loan amount: $374,000 Me­dian in­come: $144,000

No. 3Salt Lake City, UtahRate of home im­prove­ment loans: 0.72% Me­dian loan amount: $130,000 Me­dian in­come: $77,000

No. 1Ok­la­homa City, Okla.Rate of home im­prove­ment loans: 0.77% Me­dian loan amount: $15,000 Me­dian in­come: $64,000

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