Home owners who remodel in 2017 will spend an average of $6,148 on each project, according to NAHB’s recent projections of spending by ZIP code for each of over 26,000 ZIP codes across the United States.
Average spending per improvement will range from under $2,300 to over $22,000.
California, Texas, Florida, New York and Illinois are projected to have the largest total spending by home owners on remodeling projects statewide. Connecticut, Massachusetts, New Jersey, Maryland and the District of Columbia are projected to have the highest spending on remodeling per home.
To determine these by-ZIP code estimates, NAHB looked at the number of homes in the area, the share of those built in the 1960s and 1970s, and owners’ average income and level of education.
You can purchase the datasets on nahb.org to determine how much home owners will spend. For more insights, read the full article in the NAHB Eye on Housing blog from NAHB economist Paul Emrath.