US aging housing stocks to prompt repairing and remodeling market

Posted on February 13, 2023   |  

The US housing stock is rapidly aging after the Great Recession as residential construction lags behind the number of new homes.

The aging stock signals a rising remodeling market due to a lack of sufficient supply of new construction because old structures need to add new amenities or repair/replace old components.

The aging of the housing stock implies that remodeling may grow faster than new construction and the median age of owner-occupied homes is 40 years.

From 2010 to 2021, new construction added 8.3 million units to the national stock, accounting for only 10% of owner-occupied housing stock in 2021.

The share of new construction built within the past 11 years decreased from 17% in 2011 to only 10% in 2021 due to the modest supply of housing construction.