DSNews The homepage of the servicing industry
In an attempt to find the average age of homeowners across 100 largest metros in the country, LendingTree has curated data using the U.S. Census Bureau’s American Community Survey, which studied occupied households from 2012 to 2016. The report ranked metropolitan areas by the average age of homeowners, based off surveys that explored over 300 metropolitan areas and compared average age across the following categories: average age, occupied housing units; average age, renter-occupied housing units; average age, owner-occupied housing units; and average age by MSA.
The average age of a homeowner varies by location. People of different age groups have been flocking to different parts of the country based on personal preferences. For example, Florida is a hot favorite among retirees dominating the ‘old’ end of the list. Seven out of the top 10 metropolitan areas with the highest average homeowner age were in Florida. San Francisco, California and Austin Texas, are largely being opted by millennials over the past few years.
The key findings of the report revealed that the average age of a homeowner across the 100 largest metropolitan areas in the United States is 54. Only two metros according to the report—Provo and Ogden, Utah—have an average homeowner age below 50. In fact, cities in Utah have the youngest homeowners in the country. Out of the 10 metropolitan areas with the lowest average age for homeowners, areas in Utah—Provo, Ogden, and Salt Lake City—held the top three spots, the report revealed.
Among the top 5 cities in Florida out of the 100 metros surveyed, North Port topped the 100 metro areas list with the highest average homeowner age at 63.3 years followed by Cape Coral at 61.5, Deltona at 55.8, Palm Bay at 55.3, and Lake Land at 53.5 years of age.
