The average age of homes in America is 40 years old. The National Association of Realtors, Realtor Magazine conducted a study of the age of the 132 million homes in America.
The study found that:
- 14% of homes are less than 15 years old
- 25% are between 15 and 34 years old
- 30% are between 35 and 54 years old
- 15% are between 55 and 74 years old
- 8% are between 75 and 94 years old
- 7% are 95 years and older
What does the average age of homes mean for your home search?
The average age of homes vary by region. Some areas have a very large inventory of brand new homes. Some areas only have homes that are 40 years or older. Do some research and understand what the inventory looks like in your area.
Depending on what is available in the area it may make your home search more or less difficult. If you are looking for a victorian style home in a neighborhood where most houses are less than 30 years old, chances are you aren’t going to find it. Also, if you are hoping to find a house that is completely turn key in an area where the average age of homes is 30 years or older. You may need to change your expectations and compromise on what type of home you buy.
The biggest impact the average age of homes has on your home search is the amount of maintenance and repairs that a property may need. While looking at homes that are about 40 years old look at the big items that may need some repairs. Have a thorough home inspection done to feel safe and prepared in your home purchase.
A home is a wonderful investment no matter what its age. Determine what you really want in a house and what the average age of homes is in that area. Do you prefer an older home with charm or a turn key brand new house?