The increasing number of aging homes in America can pave the way for a growing market for remodelers.
The latest American Housing Survey (AHS) conducted in 2013 and published by the Department of Housing and Urban Development shows the following:
1. The median age of owner-occupied homes is 37 years, whereas in 1993 it was only 27 years.
2. About 2/3 of these owner-occupied homes were constructed before 1980.
3. 40 percent of the surveyed houses were built before 1970.
4. Homes made before 2000 represent only 17 percent.
5. Newly-erected owner-occupied homes after 2010 make up only 2 percent of the housing stock.
6. There was a significant increase in the share of housing stock that is over 34 years old at the time the survey was conducted. It was 41 percent in 1993, 46 percent in 2003, and became 57 percent by 2013.
7. The share of newly-constructed houses in 2013 is smaller than in 1993 and in 2003, with 6 percent of the houses built within four years.
8. The average household income for the houses built in 2010 was recorded at $110,099, which is $81,213 higher than the average household income of homes made before 1969.
9. As the home ages, a decrease in its household size was also noted, with the average of 2.87 people living in houses built after 2010, and only an average of 2.47 people for homes made before 1969. This goes to show that new home-buyers are with more purchasing power and have bigger families.
10. New York has the oldest homes having a median of 55 years old. Massachusetts ranks next, also at 55 years.
11. The youngest homes can be found mostly in the West, with Nevada having a median age of only 18 years and Arizona with 23.
In an article posted on the National Association of Home Builders' Eye On Housing website, it was said that, "The age of the housing stock is an important indicator for the housing market going forward." The post also added that, "Aging homes require remodeling and renovations, as these structures are, for example, less energy efficient than new construction."
