The home improvement space rarely sees a lull, but since the pandemic it has experienced even more of a boom, as we all found ourselves house-ridden like never before. These trends have continued, with many jobs maintaining their COVID-induced work from home structures, and many still feeling more comfortable staying in over going out.
As such, it's no surprise that the U.S. home improvement market is set to reach over $620 billion by 2025, according to Statista. While home improvements are all well and good — who doesn't love a remodeled bathroom? — these sorts of undertakings can come with soul-crushing price tags that squash the home improvement project altogether. To help figure out where your home improvement bucks can go the furthest, Compare the Market has created an index to identify the cheapest U.S. states for home improvements.
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This index encapsulates the analysis of five factors, including median home value, home improvement loan value, mean hourly laborer wage, median home age, and number of construction workers. By crunching these numbers for each state, Compare the Market revealed a ranking of the most affordable places to pursue those home improvement dreams.
New Mexico claimed the number one spot on the list, earning a 4.185 score out of a five-point scale. Mississippi, West Virginia, South Carolina, and Alabama rounded out the top five in that order. The complete top 10 list is below, with each state's corresponding score.
- New Mexico - 4.185
- Mississippi - 3.931
- West Virginia - 3.909
- South Carolina - 3.898
- Alabama - 3.841
- Arkansas - 3.840
- Utah - 3.817
- Texas - 3.678
- Louisiana - 3.656
- Wyoming - 3.621
Now the question is, would you move to a different state for a more affordable home improvement budget?