Owning a home is part of the American Dream. Approximately 65% of U.S. adults own their own homes. For most people, it is their most valuable asset.
The value of home equity (value of the home, less the mortgage) has skyrocketed in the past year. According to the carefully followed S&P Case-Shiller home price index, in May home prices rose 16.6% nationwide. In some cases, the figure was higher. Among large cities, Phoenix had the largest increase year over year at more than 20%.
Although many people buy their first homes when they are young (in their 20s and 30s) and starting a family, the median age of homeowners in the United States is high at 52 years of age, when measured across the 50 largest home markets. A new study from Lending Tree shows:
Florida is a well-known haven for retirees, while Salt Lake City and Minneapolis have emerged in recent years as popular spots for younger homebuyers. As a result, the average age of people living in given areas can be notably different.
Across the 50 largest home markets, the city with the youngest owners, based on the median age, is Austin at over 47. It is followed by St. Louis at less than 49. Then, there are two more Texas cities among those with the youngest homeowners: Houston and Dallas at about 49.
The cities with the oldest homeowners are Miami at about 55 years old and Tampa around 54. This may be because of the size of Florida’s retirement community.
Here are the 20 markets with the lowest median homeownership age:
- Austin, Texas: 47.58
- Louis, Missouri: 48.77
- Houston, Texas: 49.00
- Dallas, Texas: 49.08
- Denver, Colorado: 49.60
- San Jose, California: 49.64
- Raleigh, North Carolina: 49.72
- Columbus, Ohio: 49.77
- Atlanta, Georgia: 49.96
- Nashville, Tennessee: 50.06
- Oklahoma City, Oklahoma: 50.12
- Salt Lake City, Utah: 50.61
- Indianapolis, Indiana: 50.63
- Washington, D.C.: 50.77
- Charlotte, North Carolina: 50.83
- San Francisco, California: 50.84
- Las Vegas, Nevada: 50.87
- Portland, Oregon: 50.92
- Orlando, Florida: 50.92
- Kansas City, Missouri: 50.96