Based on the newest information from the 2019 American Group Survey (ACS), the median age of owner-occupied properties was 39 years. The age of the housing inventory is a vital transforming market indicator. Older homes are much less energy-efficient than new building and finally would require transforming and renovation sooner or later. Furthermore, as folks use their properties for extra functions and require further area, older housing represents an funding alternative for owners.
The age of owner-occupied housing inventory varies largely throughout 50 states. New York has the oldest owner-occupied properties with a median age of 60 years, adopted by Massachusetts (56), and Rhode Island (55). Half of all owner-occupied homes within the District of Columbia had been constructed greater than 79 years in the past. Nonetheless, D.C. is mostly not a consultant market, as it’s a smaller city space. Newer owner-occupied housing inventory is generally concentrated within the Solar Belt states the place 14 out of 15 states, except California (43), have median owner-occupied housing inventory age beneath the nationwide median (39 years). The median age of owner-occupied properties in Nevada is simply 23 years, adopted by Georgia and Arizona the place half of all owner-occupied properties had been constructed within the final 27 years in the past.
The geographic distribution of the age of the owner-occupied housing inventory displays inhabitants adjustments. Inhabitants adjustments, together with each pure progress and web migration, sign a rising demand for housing. The fast inhabitants progress states of Utah and Texas, which grew at annualized charges of 1.6% and 1.5% from 2010 to 2019, respectively, have newer owner-occupied housing shares with the corresponding median ages of 28 and 30.
