US housing stock continues to age, encouraging spending on home improvement

By Na Zhao
NAHB – Eye on Housing
February 6, 2023
Category: Finance & Economics
Region: United States

The median age of owner-occupied homes is 40 years, according to the latest data. The U.S. owner-occupied housing stock is aging rapidly… as the residential construction continues to fall behind in the number of new homes built. With a lack of sufficient supply of new construction, the aging housing stock signals a growing remodeling market, as old structures need to add new amenities or repair/replace old components. Rising home prices also encourage homeowners to spend more on home improvement. Over the long run, the aging of the housing stock implies that remodeling may grow faster than new construction. A little less than half of the owner-occupied homes was built before 1980, with around 35% built before 1970. New construction added nearly 8.3 million units to the national stock from 2010 to 2021, accounting for only 10% of owner-occupied housing stock in 2021.

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