The median age of the nation’s owner-occupied housing stock is 39 years. An area’s age of housing could be an important measurement for the real estate market.
As Na Zhao, senior economist at the National Association of Home Builders, explains on the association’s Eye on Housing blog: “The age of the housing stock is an important remodeling market indicator. Older houses are less energy-efficient than new construction and ultimately will require remodeling and renovation in the future,” Zhao said. “Moreover, as people use their homes for more purposes and require additional space, older housing represents an investment opportunity for homeowners.”
The age of the housing stock can vary dramatically across the country. For example, New York has some of the oldest homes, with a median age of 60 years. Massachusetts follows, with a median age of 56 years, and Rhode Island with 55 years. Washington, D.C., has a median age of more than 79 years for its housing stock, but housing experts point out the District of Columbia is a smaller urban area compared with other states.
Meanwhile, some of the youngest housing stock is found in the Sun Belt states. Nevada’s median age of its owner-occupied housing is 23 years, followed by Georgia and Arizona, which have housing stock at a median of 27 years.
Source: “Age of Housing Stock by State,” National Association of Home Builders’ Eye on Housing blog (March 26, 2021)