Over the Hill: Homes Age & Homeowners Remodel
Homeowners haven’t been jumping to move – on average, homeowners have been living in their homes for about 10 years (which is double that between the years of 2000 and 2009). There are plenty of reasons why homeowners might choose to keep put – what are yours?
According to the National Association of Home Builder’s analysis of census data, the median age of an owner-occupied home is 39 years old. This is up from a median age of 21 in 2005. More than half of these homes were built prior to 1980, and about 38% were built before 1970.
Housing professionals believe that this might mean that this aging housing stock shows a growing remodeling market. Older homes do need updates or repairs – which makes sense to plenty of homeowners. But it also might mean that homeowners are turning to remodels because of rising home prices.
Take a look at NAHB’s Median Age of Housing Stock by State infographic below:
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