Aging Housing Stock Ripe for Remodeling
NA ZHAO | August 14, 2015
The growing number of aging homes could provide a big boost to the remodeling market in the coming years. The Remodeling Business 2015 Remodeling Cost vs. Value: Less Is More Remodeling Zips Ahead of Pre-Crisis Levels Survey Reveals Top Remodeling Projects Report: Home Remodeling Is Surging About two-thirds of owner-occupied homes in the U.S. were constructed prior to 1980. Forty percent were built before 1970, according to the latest American Housing Survey, published by the Department of Housing and Urban Development. On the other hand, newly built owner-occupied homes constructed after 2010 comprise only about 2 percent of the U.S. housing stock. The number of homes three decades old has grown considerably. Indeed, the median age of owner-occupied homes is 37 years old compared to only 27 years old in 1993. New York has the oldest number of homes with a median of 55 years old, followed by Massachusetts at 52 years old. The youngest homes tend to be located in the West, with Nevada's median age of homes only at 18 followed by Arizona at 23. "The age of the housing stock is an important indicator for the housing market going forward," according to the National Association of Home Builders' Eye on Housing blog. "Aging homes require remodeling and renovations, as these structures are, for example, less energy efficient than new construction."
Source: National Association of Home Builders Eye on Housing Blog