According to NAHB Eye on Housing, the median age of owner-occupied housing reached 37 years in 2015, an increase from 31 in 2005. More than half of the U.S. housing stock was built before 1980. Only 19 percent of homes were built after 2000, and 3 percent were constructed since 2010.
Aging housing stock indicates an opportunity for both remodelers and production builders, as demand for new construction is expected to rise.
Younger homeowners are more likely to live in newer homes. Homes built after 2010 are headed by homeowners with a median age of 44 years, compared to homes built prior to 1969 and owned by householders with a median age of 58. It implies a growing market for renovations allowing older homeowners to age in place.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development