Using U.S. Census data, LendingTree conducted a study of average homeowner ages across the United States in the 50 largest metros and found the average age is 55. Additionally, there was no metro in the study where the average age was less than 50. This high average age is due in part to the numerous obstacles that younger homebuyers must face, from lack of savings to poor credit, the study concluded.
Unsurprisingly the two metros with the oldest homeowners, Miami and Tampa, are both in Florida. The average homeowner age in these two metros is nearly 60.
San Diego, Los Angeles and New York round out the top five metros with the highest average homeowner age. While homeowners in these metros aren’t as old as they are in Miami or Tampa, Fla., their average age of 57 years old is still high.
The metros with the youngest homeowners are more spread out than those with the oldest homeowners. For example, the top five metros with the lowest average homeowner age, Salt Lake City, Austin, Texas, Raleigh, N.C., Minneapolis, and Denver are all in different states. Homeowners in these areas skew younger than homeowners elsewhere in the nation, their average is closer to 53 years old. In general, the study suggests that as homeowners get older, home prices and incomes grow more slowly.
Metros with the highest average homeowner age:
No. 1: Miami
Average homeowner age: 58.7
Average age (total population): 41.2
Median home value: $56,328
Median home-price growth (2009-2018): 9.9 percent.
2009-2018 wage growth (2009-2018): 6.0 percent.
No. 2: Tampa, Fla.
Average homeowner age: 58.3
Average age (total population): 41.9
Median home value: $54,912
Median home-price growth (2009-2018): 13.1 percent.
2009-2018 wage growth (2009-2018): 7.4 percent.
No. 3: San Diego
Average homeowner age: 57.1
Average age (total population): 38.1
Median home value: $79,079
Median home-price growth (2009-2018): 17.4 percent.
2009-2018 wage growth (2009-2018): 7.2 percent.
No. 4: Los Angeles
Average homeowner age: 57.1
Average age (total population): 38.4
Median home value: $72,563
Median home-price growth (2009-2018): 17.2 percent.
2009-2018 wage growth (2009-2018): 2.7 percent.
No. 5: New York
Average homeowner age: 56.9
Average age (total population): 39.6
Median home value: $78,478
Median home-price growth (2009-2018): 2.1 percent.
2009-2018 wage growth (2009-2018): 6.8 percent.
