The U.S. owner-occupied housing stock has been aging at a rapid pace since the Great Recession due to a lack of new construction, and the upkeep required to maintain older homes is leading to a remodeling boom, the National Association of Home Builders' Eye on Housing reports. The median age of an owner-occupied home in the U.S. was 40 years in 2021, the oldest supply on record.
Roughly 35% of all owner-occupied homes in 2021 were built before 1970, while a bit less than half were built before 1980. New construction added nearly 8.3 million units to the national stock from 2010 to 2021, accounting for just 10% of all owner-occupied housing inventory in 2021.
Due to modest supply of housing construction, the share of new construction built within past 11 years declined greatly, from 17% in 2011 to only 10% in 2021. Meanwhile, the share of housing stock at least 42 years old experienced a significant increase over the 10 years ago. The share in 2021 was 49% compared to 40% in 2011.
Advertisement
Related Stories
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable
Market Data + Trends
10 States Where Home Insurance Rates Have Risen the Most
Responding to the increasing number of natural disasters, insurers are hiking prices, with some states bearing the brunt more than others