The average age of a house in the U.S. is 36 years old, and in 2024, many people leaned towards purchasing an older home. There are two main reasons: lack of new supply and affordability. Over the past two decades, housing construction has significantly slowed, particularly in the East Coast and Rust Belt regions, leading to a median age of sold homes exceeding 60 years in cities like New York, Pittsburgh, and Cleveland. Older homes are more affordable and often sell for 15% less than the median price of all homes, making them attractive options for buyers seeking lower costs. Since the Financial Crisis in 2008, America has been building fewer homes, and research shows that only 9% of them were built in the 2010s.
According to RedFin News, ““America’s housing stock is getting older by the year, and it’s not because buyers prefer vintage homes—it’s because we haven’t built enough new ones,” said Redfin Senior Economist Sheharyar Bokhari. “Without more construction, buyers are forced to choose from a pool of aging properties that present a new set of financial challenges, especially for those trying to save enough money to climb onto the property ladder. Older homes have aging systems, energy inefficiencies, and a steady stream of maintenance costs that can quickly add up after move-in.”
