Factoids

Housing Choices in Today’s Market Age of All Occupied Housing Units Year Current Housing Units Were Built

January 29, 2016  by in General   

This is the second in a series of five factoids studying the recovering housing market by delving into the primary factors that determine a consumer’s home choices. Not only faced with the decision to rent or buy, households planning to move are making choices based on age, size and cost of housing structures. 

Now that people are moving, what are the housing options? Consumers initially face the choice of purchasing or moving into a new versus old property. And with housing starts slow to recover from the recession, households are increasingly faced with an aging housing industry. This factoid shows the year current housing was built for all occupied housing units. (Note: Rental versus owner-occupied units is not shown separately as data showed no significant difference between the two.)

Particularly startling is that 28.7 percent of all housing is 55 plus years old and 55.4 percent over 35 years old.  The majority of the housing inventory in 2014 (54.5 percent) was built between 1960 and 1999. Only 2.2 percent of housing units were built in the last four years and a total of 16.8 percent since 2000. Many current and potential homeowners are living in or considering older homes and face ongoing costs of renovations and repairs – potentially dipping into new furniture expenditures.

Source: U.S. Census Bureau, American Community Survey (ACS)

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