America's Housing Stock Is Aging Rapidly

Between 2005 and 2015, the median age of a home in the United States has increased from 31 to 37 years old. At first glance, it seems obvious that homes are getting older; after all, time only goes forward (for now). However, there are several deeper trends that can be discerned from data on the nation's housing stock.

First, why is it noteworthy that the median home is getting older? Start off by considering that new homes are being built all the time, both to provide more housing for an increasing population as well as to replace existing homes. At the same time, thousands of the oldest and most dilapidated homes are demolished every year to make room for new construction. As a result, the median age of the nation's housing stock is not actually guaranteed to rise.

There is also a huge difference in median home age between different states. For example, the typical home in Nevada is only 20 years old, while in New York state the age is 57. In fact, the oldest housing stock in the country can be found in Washington, D.C., where the median home is a whopping 75 years old!

What does aging housing stock mean for the future? According to the National Association of Home Builders' Eye on Housing blog, the remodeling business should see rapid expansion as new owners look to modernize their outdated abodes. In the long term, the years-long lack of new construction (which is the primary cause of aging stock) should subsequently spur a boost to new construction as the market attempts to balance its options for the increasing numbers of home buyers.

Source: How Old Is Your State's Housing Stock?