Minnesota Ranks 8th In Nation for Home Improvement Loan Popularity

Lending Tree, the nation’s leading online loan marketplace, today released a study on which cities use the most home improvement loans.

To find out where homeowners are taking out home improvement loans the most, LendingTree analysts ranked the 50 largest U.S. cities by the volume of home improvement loans as a percentage of the total housing units in a city, using Home Mortgage Disclosure Act (HMDA) data for 2017, which covers 7.3 million loans. The study also includes the median loan amounts to gauge where buyers are putting the most money into their homes.

 

Rank  City Home Improvement

Loans as a Share

of Housing Units

Median Loan Amount Median Income
1 Oklahoma City 0.77% $         15,000 $            64,000
2 San Jose, Calif. 0.75% $       374,000 $          144,000
3 Salt Lake City 0.72% $       130,000 $            77,000
4 Pittsburgh 0.70% $         28,000 $            69,000
5 Boston 0.65% $         70,000 $          104,000
6 Portland, Ore. 0.64% $       199,000 $            83,000
7 Denver 0.60% $       184,000 $            81,000
8 Minneapolis 0.59% $         60,000 $            86,000
9 Virginia Beach, Va. 0.56% $         16,000 $            67,000
10 Sacramento, Calif. 0.55% $       173,000 $            89,000
11 Washington 0.54% $         40,000 $            95,000
12 Riverside, Calif. 0.53% $       135,000 $            80,000
13 Seattle 0.48% $       212,000 $            97,000
14 Detroit 0.48% $         25,000 $            69,000
15 Nashville, Tenn. 0.46% $         66,000 $            65,000
16 Providence, R.I. 0.46% $         36,000 $            80,000
17 Indianapolis 0.45% $         38,000 $            72,000
18 San Diego 0.45% $       250,000 $            99,000
19 Philadelphia 0.44% $         30,000 $            75,000
20 Austin, Texas 0.41% $         79,000 $            94,000
21 Cincinnati 0.40% $         35,000 $            70,000
22 St.Louis 0.40% $         45,000 $            73,000
23 Los Angeles 0.39% $       263,000 $            96,000
24 Buffalo, N.Y. 0.39% $         20,000 $            59,000
25 Kansas City, Mo. 0.39% $         60,000 $            74,000
26 Richmond, Va. 0.39% $         25,000 $            63,000
27 Phoenix 0.38% $         85,000 $            80,000
28 Columbus, Ohio 0.38% $         45,000 $            71,000
29 Atlanta 0.38% $         35,000 $            73,000
30 Hartford, Conn. 0.38% $         35,000 $            89,000
31 Baltimore 0.37% $         28,000 $            80,000
32 Dallas 0.37% $         55,000 $            92,000
33 Louisville, Ky. 0.37% $         37,000 $            60,000
34 Las Vegas 0.36% $       100,000 $            70,000
35 Jacksonville, Fla. 0.35% $         30,000 $            71,000
36 Tampa, Fla. 0.35% $         25,000 $            60,000
37 Milwaukee 0.34% $         30,000 $            77,000
38 Cleveland 0.33% $         25,000 $            64,000
39 Raleigh, N.C. 0.33% $         50,000 $            78,000
40 Orlando, Fla. 0.33% $         31,000 $            63,000
41 Charlotte, N.C. 0.31% $         50,000 $            69,000
42 Memphis, Tenn. 0.30% $         10,000 $            52,000
43 Birmingham, Ala. 0.30% $         25,000 $            57,000
44 San Antonio 0.29% $         37,000 $            71,000
45 New Orleans 0.28% $         40,000 $            65,000
46 Chicago 0.28% $         50,000 $            78,000
47 San Francisco 0.28% $       291,000 $          117,000
48 Houston 0.27% $         47,000 $            87,000
49 Miami 0.22% $         50,000 $            72,000
50 New York 0.18% $         60,000 $            99,000