BISMARCK, ND (KXNET) — Home improvement projects are often massive endeavors that take a large sum to even begin. While some can ease the initial impact on their finances by taking out a loan, this can come back to bite them if their fee is not paid back — and this is especially difficult when the loans are extremely large to begin with. Fortunately, as new data shows, loans for home improvement projects in the Peace Garden State are not nearly as costly as some may think.

During a study on home improvement loans across the United States, Portland Real Estate analyzed 2023 loan data from the Consumer Finance Protection Bureau to identify which states spent the most and least on these upgrades. According to the research, the average value of a home improvement loan in North Dakota is $71,295 — which is one of the lowest prices in the nation. When combined with the state’s low population, this amounts to an extremely low total of loaned money throughout 2023.

In contrast to these surprisingly cheap costs, states like Colorado, New Hampshire, and California feature both high average loan values and overall costs. Despite having a much lower population and total number of bank borrowers, Hawaii reported the largest value per loan at over $190,000 per home improvement project.

“Research shows that home improvement sales in the US amounted to $544.6 billion in 2022,” states a Portland Real Estate spokesperson, “and further projected to reach $600 billion by 2027. This study highlights the states that are driving the growth in the home improvement market across the country. The data not only highlights the varying levels of investment in home improvements across the states but also underscores the influence of local economic conditions and housing market dynamics. As we see substantial spending in states with higher property values, it’s clear that homeowners in these areas are prioritizing renovations and upgrades as a means to enhance the value and comfort of their homes.”

If you must make home improvements, it’s best to seek aid from a professional rather than trying to do it all yourself. To view a full list of approved contractors in North Dakota, visit this page on the ND Secretary of State’s website.

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