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Indiana has been named one of the states spending the least on home improvements. The study by Contractor Growth Network analyzed expenses in relation to the median household income across the United States. Indiana ranked ninth on the list. Households in the state are spending 4.7% of their median household income on improvements.
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The top five states spending the least on improvements are Mississippi, Arkansas, West Virginia, Louisiana, and New Mexico. However, these states allocate a similar proportion of their median household income to home improvements, ranging from 5.1% to 5.4%.
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In Indiana, what is the dollar amount spent on home improvements?
The study reveals that Indiana households, with a population of 6.8 million, spend an estimated $2,967 on home improvements annually. All in all, this expenditure accounts for 4.7% of the state’s median household income, which stands at $61,944—the lowest among the top ten states on the list.
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While Indiana may be spending less on improvements compared to other states, the study highlights that the percentage of income allocated to upgrades remains similar, if not higher, than states that spend more.
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Lastly, the home improvement market has experienced significant growth, with sales reaching $558.3 billion in 2022. Furthermore, this figure is projected to reach $621.3 billion by 2025.
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