Home renovations are big business, especially in the country’s hottest real estate markets. Homeowners with significant equity in their homes are borrowing more than ever — often over $100,000 — to remodel and increase property value. According to a recent SmartAsset study , cities across the U.S. are seeing a surge in home equity loans , particularly for renovations.
Here’s a look at ten cities where homeowners are taking out the biggest loans to transform their spaces .
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San Jose, California
In Silicon Valley’s heart, the San Jose-Sunnyvale-Santa Clara metro area is known for its high property values, according to Data USA. Homeowners here are taking out hefty renovation loans to keep up with the competitive market. The median loan amount? A whopping $205,000. With property values in the area averaging $1.55 million, residents certainly seem to be making their homes as high-tech and luxurious as their surroundings.