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
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds that beach homes are the most sought-after vacation-home type, and the investment potential of a second home is an important factor in homebuyers' purchasing decisions
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable