The lower Manhattan zip code of 10007 is expected to spend more per home improvement project, $22,000 than any other zip code in the country, according to the NAHB’s latest projections of spending on home improvements to owner-occupied housing by zip code.
In order to come up with their projections, NAHB uses five variables to help estimate home improvement spending in relatively small areas. The five variables are number of homes in the area, the share built in the 1960s, the share built in the 1970s, owners’ average income, and their level of education.
Zip codes with the highest total spending on improvements tend to be in large metropolitan areas and contain a large number of owner-occupied homes. For example, the 20854 zip code, which is a close-in suburb of Washington, D.C., has over 15,000 owner-occupied homes with an average income just north of $280,000. Additionally, 53 percent of the homes in this zip code were built between 1960 and 1980. Homes built during this period are currently in the sweet spot for remodeling. Homeowners in this zip code are projected to spend over $68 million on improvements in 2016, the most of any zip code in the country.
On a state-by-state basis, the District of Columbia (considered for the purposes of this list as its own state) leads the way with a projection of $9,676 spent per home with improvements. Massachusetts is projected to be second with $8,120 projected to be spent per home with improvements.
For the full list of states and their projected spending on improvements and for projections for more than 25,000 zip codes across the entire country, click the link below.
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