“Older homes are mostly located in larger or expensive metro areas with limited space for core city expansion. ” — Na Zhao of the National Association of Home Builders
Most owner-occupied homes are less than four decades old, even if the owners themselves are older.
But in certain areas in the Northeast, median owner-occupied ages are much higher than other U.S. regions, according to new data from the National Association of Home Builders.
For example, Johnston, Pennsylvania, has a median age for owner-occupied housing stock of 62-years-old. Elmira, New York’s stock has a median age of 61. Pittsfield, Massachusetts; Danville, Illinois; and Utica-Rome, New York, all reported median age of owner-occupied housing stock at 60.
“As one might expect, older homes are mostly located in larger or expensive metro areas with limited space for core city expansion,” wrote NAHB’s Na Zhao. “Aging housing stock is also associated with population decline.”
In fact, 10 of the 11 top housing markets for older owner-occupied housing stock experienced declines in population between 2010 and 2016.
Newer Owner-Occupied Stock Correlates to Job Growth, Population Growth
In contrast, newer owner-occupied stock often corresponds to job and population growth, according to the report. Metro areas with larger volumes of newer owner-occupied housing inventory were more likely to experience “double-digit population growth” during the same study period.
For example, Las Vegas-Henderson-Paradise, Nevada is one of the fastest-growing metro areas in the country. The median age of its owner-occupied housing stock ranges between 12 and 27 years, below the national median of 37 years. Job growth in the area between 2010 and 2016 skyrocketed by 21.1 percent.
Oldest Owner-Occupied Housing Stock Markets
Here are the oldest owner-occupied housing stocks, according to the report:
- Johnston, Pennsylvania — 62 years
- Elmira, New York — 61 years
- Danville, Illinois; Utica-Rome, New York; and Pittsfield, Massachusetts — (Tied) 60 years
- Wheeling, West Virginia-Ohio; and Allatoona, Pennsylvania — (Tied) 59 years
- Buffalo-Cheektowga-Niagara Falls, New York; and Weirton-Steubenville, West Virginia-Ohio — (Tied) 58 years
- Springfield, Massachusetts; and Pittsburgh, Pennsylvania — (Tied) 57 years