Which markets are the best to use a HELOC for home improvements?

Using a HELOC for home improvements could come with many benefits, including reinvesting your home equity, potential tax breaks* and positive return on your investment. Depending on where you live, you could get more out of these benefits.

A home equity line of credit (HELOC) lets homeowners access funds based on the equity they have built up in their homes. Using the funds from your HELOC on home improvements can help boost the equity in your home.

Some home improvements you use your a HELOC for could qualify you for tax deductions on the interest you pay. Other home improvements can increase your home’s value, making them a great return on investment (ROI) if you plan to sell one day.

The average HELOC amount homeowners get vary state by state. Knowing the average HELOC amount homeowners get in your area can help you start to plan how to use your funds.

To start taking advantage of a HELOC for home improvements in your area, you can begin your HELOC application today!

Homeowners in specific metro areas can really benefit from using a HELOC for home improvements. Let’s take a look at a few of them as well as median listing prices of homes in the area compared to their state’s median home price.

Median listing price for homes in Salt Lake City: $585,000

The biggest city in Utah, Salt Lake City has seen a population growth of more than 10,000 residents a year since the 1950s. Still, the median single-family home price in Salt Lake City is below the state’s median of $636,400.

Deciding on a HELOC in Utah for home improvements can make your property attractive for potential buyers. Modern remodels have been drawing attention in Salt Lake City. Using your HELOC funds for solar panels lets you take advantage of the many sunny days Salt Lake City has while potentially saving you on utility bills.

Median listing price for homes in Denver: $555,000

The median home price in The Mile High City is more than $100,000 lower than the rest of the state at $671,100, making Denver an affordable option with potential to increase your home’s value.

Some of the best uses of a HELOC in Denver are home improvements with strong ROIs. Home improvements with the greatest ROI in Denver are to the outside of your home, allowing you and any future buyers to take advantage of the 300 days of sunshine in the city. This includes door replacements and patio or deck additions.

Median listing price for homes in Raleigh: $475,000

As the state’s capital, Raleigh has a median home price slightly above the rest of the state ($403,700). Still, Raleigh can be an affordable option for someone looking to buy a home in a city with rich history and culture.

Desirable home improvements in Raleigh you can use your HELOC and raise your property value have to do with curb appeal. Curb appeal refers to the attractiveness of a home that anyone passing can see.

Median listing price for homes in Milwaukee: $234,900

Homeowners in Milwaukee can live in a major city on Lake Michigan at an affordable price. Median listing price for homes in Milwaukee is significantly lower than median home prices in the rest of the state at $350,000.

With the cold season lasting about five months, the best home improvements in Milwaukee to use your HELOC are indoors. These improvements will not only make your home more livable for you but increase your property value.

Median listing price for homes in Columbus: $297,900

Columbus is the second most populous Midwestern city. Despite this, and the fact that median home prices in Columbus is barely higher than the rest of the state at $276,900, Columbus is still one of the most affordable U.S. cities.

Recently, Columbus has seen a significant population growth. This growth could put a strain on the housing market there, driving home prices up. To capitalize on the increasing value of homes in Columbus, you could use a HELOC for home improvements. Make sure you plan out the right home improvements for you and your area before getting a HELOC in Ohio.

If you are looking to make any home improvements through a HELOC, you can start the process by applying online with a lender.

An online HELOC application with Rate can be completed in as little as five minutes**, giving you access to up to 85% of your home’s equity in as soon as five days. The funds you receive can be used for any needs you may have, including home improvements.

No matter where you live, you can start accessing your home’s equity for improvements by completing a HELOC application today!

_{Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Refinancing your mortgage may increase costs over the term of your loan. Restrictions may apply.}

_{*Rate does not provide tax advice. The consumer should always consult a tax advisor for information regarding the deductibility of interest and other charges in their particular situation.}

_{**Applications may be completed in five minutes but may fluctuate. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing. In addition, funding timelines may be longer if we cannot readily verify that your property is in at least average condition with no adverse external factors with a property condition report and may need to order a desktop appraisal to confirm the value of your property. Texas borrowers will have a 12-day cooling period prior to closing on their home equity loan which will begin after the borrower has both filed a loan application and received consumer disclosures.}