flexiblefullpage - default
Currently Reading

Housing Stock Grows Older

Advertisement
billboard - default

Housing Stock Grows Older

The median age of owner-occupied housing reached 37 years in 2015, and only 3 percent of homes were built since 2010


By Mike Chamernik, Associate Editor February 28, 2017
This article first appeared in the March 2017 issue of Pro Builder.

The inadequate pace of new-home building is driving up the age of U.S. housing stock. According to data from NAHB, the median age of owner-occupied housing reached 37 years in 2015, up from 31 years in 2006.

As of 2015, just 3 percent of the total owner-occupied housing stock was built in 2010 or after. Thirty-eight percent of homes were built in 1969 or before, 15 percent were built during the 1970s, 13 percent during the 1980s, and 15 percent during the 1990s. Despite the housing boom, just 16 percent of all homes today were built between 2000 and 2009.

The owners of newer homes skew younger and wealthier. Homes built after 2010 are headed by homeowners with a median age of 44 years and an average family income of $121,577. Houses built in 1969 or earlier are headed by homeowners with a median age of 58 and an average household income of $86,328.

While the demand for new housing continues to swell, so will opportunities for remodeling and renovation. Facing rising home prices and mortgage rates, a competitive real estate market, and fewer available homes on the market, current owners may find it more beneficial to stay put and fix up what they have. A remodeling project can add modern conveniences and amenities, which increases the value of the home. 

Also, for older owners in older homes, aging in place can be a better option than selling and downsizing. Those who take that route may want to add more universal design features to their homes, which is another opportunity for remodelers.

Advertisement
leaderboard2 - default

Related Stories

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

Sustainability

Which Green Building Practices Are Home Builders Using Most?

A recent report reveals which green-building practices are most popular among single-family home builders and remodelers

Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category

Delaware-based Schell Brothers, our 2023 Builder of the Year, brings a refreshing approach to delivering homes and measuring success with an overriding mission of happiness

NAHB Chairman's Message: In a challenging business environment for home builders, and with higher housing costs for families, the National Association of Home Builders is working to help home builders better meet the nation's housing needs

Sure there are challenges, but overall, Pro Builder's annual Housing Forecast Survey finds home builders are optimistic about the coming year

Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.