• The popularity of home improvement loans has significantly increased to 29% from 2017; 54% more 18 to 34-year-olds are more likely to use home improvement financing. "Home equity lines of credit (HELOC) also gained popularity, increasing 44 percent since last year."
• The HMDA has also provided a breakdown of 2018 originated mortgages by purpose.
• The total number of home improvement loans amounted to 569,553 in 2018.
• The total loan amount for the home improvement category crossed nearly $60 billion for the year 2018.  
• Home equity loans and home equity lines of credit (HELOCs) are some of the most popular options in the home improvement category, mainly due to the long repayment periods and low monthly payments.
• "Three main trending categories in the consumer loan segment include debt consolidation, home improvement financing, and retail, thanks to a surge in e-commerce and online shopping."

Popular Cities

• "Oklahoma City has the highest rate of using home improvement loans, with 0.77% of homes having a loan originated in 2017, over three times the rate of bottom-ranked New York and Miami."
• New York has the lowest rate of origination in the home improvement loans category. Miami and Houston stood at the bottom-most segment of the ranking. " The Biggest renovation loans are offered in San Jose, San Francisco, and Los Angeles; the highest median loan size was in San Jose stood at $374,000." 

Rate of Home Improvement Loans

• The rate of home improvement loans in Okhlama, San Jose, Salt Lake City was 0.77%, 0.75%, and 0.72%, respectively.  
• The bottom line cities in the list included Houston, Miami, New York, and the rate of home improvement loans in these cities amounted to 0.27%, 0.22%, and 0.18%, respectively.