United States Housing Stock Ages

The United States is experiencing a significant aging of its housing stock, with the median home age reaching 43 years in 2024. This trend, exacerbated by underbuilding since the Great Recession, contributes to a national housing shortfall estimated between 1.5 and 7.3 million units. Older homes, particularly those built before 1940, are nearly 30 times more likely to be in inadequate condition and incur almost 10 times higher annual maintenance costs compared to new homes. States in the Northeast and Midwest, such as United States — New York (state) with a median age of 65 years, have the oldest housing supply. In contrast, Sun Belt states like United States — Nevada, United States — Arizona, and United States — Texas, along with booming cities like United States — Austin, Texas and United States — North Carolina, have younger housing stocks due to new development. This situation presents challenges for buyers facing high home prices, elevated mortgage rates, and increased maintenance expenses.