Owners who spend to improve their homes in 2019 will spend $8,327 per project in the average ZIP code, according to the National Association of Home Builders (NAHB). NAHB calculated estimates on the number of homeowners spending on improvements, the average spending per improvement, and the total spending on improvements in each ZIP code projected to occur over the 2019 calendar year.
There are many zip code areas where spending per improved home is under $6,500, and many where it is over $11,000. Zip codes with high spending per improved home tend to cluster around large metro areas—especially in the Northeast. Ten of the top 11 zip codes, in terms of spending per improvement, are in New York State (with the 11th lying in New Jersey).
The estimates of improvement spending are based on a statistical model that uses the above factors to estimate simultaneously the number of owners who improve their homes and the amount spent per improvement:
NAHB estimated the relationship between the various drivers and remolding using data from the HUD/Census Bureau American Housing Survey and applied the results to Census Bureau data for its approximation of zip-code area boundaries from the American Community Survey.Read More