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States Vary Widely in Housing Stock Age
Monday, March 29, 2021
The age of the U.S. housing stock
is, to a certain extent, a reflection of the decline in new home construction
since the onset of the housing crisis. However, Na Zhao, in a blog post in the
National Association of Home Builders' (NAHB's) Eye on Housing blog, relates
housing ages to recent population growth and says it is also an important
indicator for the remodeling market and represents an investment opportunity
for homeowners. Zhao analyzed the data from the most
recent (2019) American Community Survey (ACS) from the U.S. Census Bureau and
found the median age of owner-occupied homes nationwide was 39 years. This age
varies considerably by state. The oldest homes are found in the Northeast, with
New York containing the oldest owner-occupied homes at a median age of 60 years.
Massachusetts is second at 56 years, and Rhode Island's homes are a median of
55 years. Half of all owner-occupied houses in the District of Columbia were
built more than 79 years ago, but the author points out that the District is generally
not a representative market, as it is a smaller urban area.
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