A new study reveals a high demand for home improvements across the East Coast. New Jersey was the state spending the most on home improvements, totaling 5.1% of the median household income.
For the study, Contractor Growth Network analyzed home improvement expenditures compared to the median household income across every state, as reported in the Consensus Business Builder between December 2021 to December 2022. Here’s a look at the top 10 states spending the most on home improvements right now.
1. New Jersey
New Jersey is the state spending the most on home improvements, according to the data. The state, which has a population of 9.23 million, is spending an estimated $4,634 per year on renovations. This equates to 5.1% of the median household income in New Jersey ($89,703).
2. Maryland
Maryland comes in second place as the state spending the most on home improvements. With a population of 6.15 million, households spend an estimated $4,516 per year on home improvements. This is 4.9% of the median household income ($91,431).
3. Massachusetts
In third place is Massachusetts, with a population size of 6.95 million and a median household income of $89,026. The research reveals that its residents spend 5% of this income on home makeovers, totaling $4,473 per year.
4. Connecticut
Connecticut comes in fourth place. Home to 3.61 million residents with a median household income of $83,572, households spend $4,356 on home improvements per year. This equates to 5.2% of the median income.
5. Hawaii
Hawaii takes fifth place. The Aloha State, with a total population of 1.442 million, has a median household income of $93,547; each household spends $4,279 on home improvements, totaling 4.8% of the median yearly income.
6. California
In sixth place with a population of 39.24 million, Californian households spend an estimated $4,268 on home improvements per year. The data shows that this amounts to 5% of the median household income, which is $84,097.
7. Virginia
Virginia comes in seventh place. The Eastern state, which is home to 8.642 million people, spends 5.2% of the median income ($80,615) on home improvements, totaling $4,215 per year.
8. New Hampshire
New Hampshire, home to 1.389 million people, ranks eighth as the state spending the most on home improvements. The median household income is $83,449 and households spend $4,145 on home makeovers per year, which equals 4.9% of the median household income.
9. Washington
In ninth place is Washington. The Northeastern state has a population of 7.739 million people, where households spend $4,076 on home improvements per year. This is 4.9% of the median household income, $82,400.
10. Colorado
Colorado is the tenth state spending the most on home improvements across America. The state, with a population of 5.812 million, has a median household income of $80,184, with households spending an estimated $3,929 annually, 4.8% of the median household income.
“There has never been a better time to renovate property in America,” said a spokesperson from Contractor Growth Network in a statement. “In fact, research shows that home improvement market sales amounted to $558.3 billion in 2022, further projected to reach $621.3 billion by 2025. This study highlights the demand for home improvement across the country. It’s interesting that New Jersey, Maryland, Massachusetts, and Connecticut dominate the top four, suggesting that home makeovers are more popular on the East Coast.”
