How Old are America's Homes?
America has approximately 132 million homes. The median age of a home built in the United States is 40. In 1974, when those houses were built, interest rates on 30 year fixed mortgages averaged 9.1 percent; the median existing home price was $32,000; President Gerald R. Ford had announced a $300 million mortgage credit initiative to help alleviate the housing market recession; and the energy crisis had spurred the incorporation of energy efficient feature new construction.
Source: The U.S. Census Bureau's 2011 Housing Profice, published July 2013, which examines owner-occupied housing and homes in the single-family, multifamily, and manufactured/mobile categories as presented by American Home Shield in Realtor Magazine July/August 2014.
No comments:
Post a Comment