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Home improvement costs higher in NY metro area, NerdWallet study says

The median home improvement project in the region costs $2,000.

The median home improvement project in the New

The median home improvement project in the New York metro area costs $2,000, compared with the national average of $1,350, according to a NerdWallet analysis. Photo Credit: Getty Images/iStockphoto/Feverpitched

It will likely come as no surprise to anyone living on Long Island that the costs of home improvements in the New York metro area were higher than the average around the country. The website NerdWallet analyzed the results of the recent American Housing Survey, which found that nearly $450 billion went toward home improvement projects between 2015 and 2017.

The median home improvement project in the New York metro area costs $2,000, which is 1.9 percent of a household’s income, compared with the national average of $1,350, which is 1.5 percent of a household’s income, according to the analysis.

“Home renovation and repair projects were expensive in the New York-Newark-Jersey City metro area, where prices are high for seemingly everything else, too,” says Holden Lewis, a home expert at NerdWallet, which provides financial planning advice and tools, including mortgage calculators and best-of lists for lenders.

New Yorkers were also about as likely to do the work themselves as homeowners in other major metro areas, with 29 percent being DIY projects in the New York metro area versus 38 percent across the rest of the country. They also saved a similar amount of money going the DIY route — about $1,800, according to NerdWallet, though the overall costs for both the professional and DIY routes were about $400 more in New York. 

Figures for Long Island were not available.

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