Florida is a popular haven for retirees, while Denver and Austin, Texas, have emerged as millennial hot spots. LendingTree used Census data to study the average age of homeowners across the U.S. and ranked the nation’s 50 largest metros based on the average age of its homeowners, from youngest to oldest. The study also includes the home price growth and household income growth for each of the average age of homeowners.
The average age of a homeowner is 55 nationwide, and there is no metro in the study where the average is less than 50, LendingTree’s researchers note. “This high average age is due in part to the numerous obstacles that younger home buyers must face, from lack of savings to poor credit,” they note.
The metros with the highest average homeowner age: Miami (58.7); Tampa, Fla. (58.3); San Diego (57.1); Los Angeles (57.1); and New York (56.9).
On the other hand, the metros with the youngest homeowners are Salt Lake City (51.8); Austin, Texas (52.4); Raleigh, N.C. (52.5); Minneapolis (53.1); and Denver (53.2).
“In general, our study suggests that as homeowners get older, home prices and incomes grow more slowly,” researchers note.
Source: “LendingTree Compares Average Homeowner Age Across the 50 Largest U.S. Metropolitan Areas,” LendingTree (Dec. 9, 2019)
