Winston-Salem Sees Increase in Home Improvement Loan Value

The coronavirus pandemic forced Americans to spend much more time at home in its early days and caused a shift to remote work that largely continues to this day for many folks. As a result, homeowners have been rethinking many aspects of their homes, leading to a surge in home renovations. According to loan-level mortgage data from the Home Mortgage Disclosure Act (HMDA), there were nearly 480,000 conventional, single-family home improvement loans taken out in 2020 with a total value of $54.5 billion.


Researchers at Construction Coverage have recently analyzed the latest data from the HMDA to determine the metropolitan areas with the biggest increase in home improvement loans since the pandemic began. 


Winston-Salem, NC saw a 12% increase in the total home improvement loan value, with a median loan amount of $55,000. Winston-Salem ranked #19 among midsize metros in terms of percentage change, trailing behind Asheville at #10 with a 25.7% increase. Greensboro-High Point came in at #21 and saw a 10% increase in home improvement loan values. 


Here’s a list of the top 20 cities:
Metro Percentage Change Median Loan Amount
1 Visalia, CA 150.00% $115,000
2 Fort Wayne, IN 92.90% $55,000
3 Eugene-Springfield, OR 69.10% $75,000
4 Knoxville, TN 42.30% $65,000
5 Ogen-Clearfield, UT 35.80% $55,000
6 Fresno, CA 35.10% $85,000
7 Provo-Orem, UT 34.40% $55,000
8 Boise City, ID 28.30% $75,000
9 Springfield, MO 26.90% $55,000
10 Asheville, NC 25.70% $75,000
11 Syracuse, NY 21.10% $45,000
12 Fayetteville-Springdale-Rogers, AR 20.60% $55,000
13 Spokane-Spokane Valley, WA 19.2% $55,000
14 Lexington-Fayette, KY 19.10% $55,000
15 Wichita, KS 18.60% $45,000
16 Tulsa, OK 18.30% $55,000
17 Flint, MI 15.10% $55,000
18 Modesto, CA 14.90% $105,000
19 Winston-Salem, NC 12.00% $55,000
20 Salem, OR 11.00% $75,000

To see the full list, click here.


If you’re interested in purchasing a home or refinancing your current home in Winston-Salem or the surrounding areas, give us a call! We can discuss your financial goals and discuss a loan program that might be right for you.

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