Repair & Remodel Opportunities Grow as U.S. Owner-Occupied Housing Stock Continues to Age

According to the latest data analysis from the 2019 American Community Survey, the average median age of an owner-occupied home is now 39 years old. In 2005, the median age was 31 years. Clearly, the U.S. owner-occupied housing stock is aging gradually. This occurs as current residential construction levels continue to fall behind the number of new homes built, especially after the Great Recession. The share of housing stock built 50 years ago or earlier increased significantly in just ten years from 30% in 2009 to 37% in 2019. The aging of housing stock portends a growing remodeling market, as typically older structures need to add new amenities, or repair/replacement of old components. Rising home prices also encourage homeowners to spend more on home improvement. Moreover, the number of owner households has been on the rise since Q3 of 2016 — indicating a strong and rising demand for new construction over the long run, as current owner-occupied housing stock is older.