Aging Housing Updates

America’s owner-occupied housing stock is rapidly aging. According to the 2021 American Community Survey, the median age of owner-occupied homes is 40 years with 35% of owner-occupied housing being built in 1969 or earlier.

Due to several factors, such as population changes, the age of owner-occupied housing stock varies from state to state. While Georgia is below the national median age with owner-occupied housing being between 23 and 30 years old, New York has the oldest owner-occupied homes with a high median age of 62 years. According to the National Association of Home Builders (NAHB), newer owner-occupied housing is primarily showcased in the Sunbelt states with 14 out of the 15 states having a median owner-occupied housing stock age lower than the national median of 40 years.

The insufficient supply of new construction homes and the growth of aging housing stock has caused a spike in the remodeling market. Owners of aging housing are investing in home improvements, such as adding new appointments and revamping outdated elements, to make their home feel like new again.

According to Real Simple, here are five updates aging homes need:

  1. Painting – A fresh coat of paint can go a long way! Whether you hire a professional or do it yourself, painting the home’s exterior and interior walls completely transforms your older home into a more desirable home. See our blog on the 2023 colors of the year for inspiration.
  2. Adding fresh veneer or siding – Replacing the siding of your home’s exterior provides a stunning new look and boots its curb appeal. Try opting for a more durable siding or stone veneer instead of outdated vinyl. Popular home styles include Craftsman and Farmhouse and both of these are easily achievable with new siding.
  3. Updating the kitchen – You can never go wrong with updating your kitchen! Add new energy-efficient appliances or luxury countertops to elevate your aging home and increase its value if you plan on selling.
  4. Replacing the windows – If you live in an aging home and experience extreme temperatures in the winter and summer months, it is probably time to replace your home’s windows! Opt for energy-efficient windows to decrease utility costs and maintain more hospitable interior temperatures.
  5. Installing central heating and air – According to Real Simple, adding a central heating and air unit can boost your home’s value by up to 20%. Installing central heating and air can also increase energy efficiency within the home. Of course, those of us living in the South wonder how anyone can ensure summers here without air conditioning!

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