Mar
15

Chicago Real Estate Owners are Big Remodelers

March 15, 2011

Cook County homeowners spend more money remodeling their Chicago homes than homeowners in almost any other county in the country.

According to the National Association of Home Builders, Cook County in Illinois is the No. 2 county in the country for remodeling spending.

remodeled homeThe NAHB takes data from the American Housing Survey to estimate local remodeling spending based on home and homeowner characteristics.

It then applies those stats with the numbers released from the latest U.S. Census report to determine who spends the most money.

The NAHB estimates that Cook County homeowners spend a total of $4.6 billion remodeling their homes.

“Many remodelers are seeing increased interest from homeowners on upgrading their home,” said NAHB Remodelers Chairman Bob Peterson. “Investing in home remodeling brings the immediate satisfaction of enjoying a more comfortable dwelling, but can also support long-term home values.”

The only county to record a higher amount of spending is, unsurprisingly, Los Angeles County in California, with a whopping $9.4 billion.

The counties with the highest total estimated spending on home remodeling:

1. Los Angeles County, Calif. — $9.4 billion

2. Cook County, Ill. — $4.6 billion

3. Orange County, Calif. — $4 billion

4. San Diego County, Calif. — $3.4 billion

5. Maricopa County, Ariz. — $3 billion

The NAHB also estimates remodeling spending per owner-occupied home. Cook County did not make that list, which includes three California counties in the top five.

Nantucket County in Massachusetts recorded the highest estimated spending per owner-occupied home with $9,369. The national average is $2,085.

“Total remodeling spending in a particular county is most strongly related to the number of homeowners in the county,” said NAHB Chief Economist David Crowe. “On the other hand, we found that remodeling per home depends upon factors such as the share built before 1980, the share owned by married couples, and, most significantly, the average value of the homes.”

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