Nationally, cash buyers made up about 1/3 of all 2021 home sales so far, but that percentage rises to 52.6% in West Palm Beach, the top metro for cash sales in the U.S. The ratio was 52%
Average Homeowner Age Is at Least 50 in Top Metros ☘ Hoey Team ☘ eXp Realty Florida
Dated: December 18 2019
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.
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.
|Rank||Metro||Average age owner-occupied housing units||Average age by MSA||Median household income||Median value of owner-occupied housing units||Home price growth (2009-2018)||Wage and salary growth (2009-2018)|
|1||Salt Lake City||51.8||34.7||$73,730||$304,500||45.3%||9.8%|
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