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LendingTree Compares Average Homeowner Age Across the 50 Largest U.S. Metropolitan Areas

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It’s no surprise that younger and older people gravitate toward different parts of the country. Florida is a well-known haven for retirees, while cities such as Denver and Austin, Texas, have emerged as millennial boomtowns in recent years. As a result, the average age of a homeowner can be wildly different depending on location.

Using U.S. Census data, LendingTree, the nation’s leading online loan marketplace, has conducted a study of average homeowner ages across the United States. Our study ranks the nation’s 50 largest metros by the average age of homeowners from youngest to oldest. It also looks at what impact the average age of homeowners has on both home-price growth and household income growth. 

Key findings

The average age of a homeowner across the nation’s 50 largest metros is 55 years old. There is no metro in our study where the average age of homeowners is less than 50 years old. This high average age is due in part to the numerous obstacles that younger homebuyers must face, from lack of savings to poor credit.  

Unsurprisingly the two metros with the oldest homeowners, Miami and Tampa, are both in Florida. The average homeowner age in these two metros is nearly 60. 

San Diego, Los Angeles and New York round out the top five metros with the highest average homeowner age. While homeowners in these metros aren’t as old as they are in Miami or Tampa, Fla., their average age of 57 years old is still high.

The metros with the youngest homeowners are more spread out than those with the oldest homeowners. For example, the top five metros with the lowest average homeowner age, Salt Lake City, Austin, Texas, Raleigh, N.C., Minneapolis, and Denver are all in different states. Homeowners in these areas skew younger than homeowners elsewhere in the nation, their average is closer to  53 years old. 

In general, our study suggests that as homeowners get older, home prices and incomes grow more slowly. While the relationship is complicated, the correlation coefficients of -0.52 and -0.56 that we calculated suggest that there is a reasonably strong negative relationship between average homeowner age and the growth rate of home prices since 2009. That’s also true of wage and income growth since 2009.

Though the long-term impact of aging homeowners on home-price growth appears to be negative, its short-term impacts are less clear. The correlation coefficient that describes the relationship between average homeowner age and the growth rate in home prices since 2014 is -0.1. This correlation is so weak that it appears as if there’s no significant relationship between average homeowner age and home-price growth over this time period.

Metros with the lowest average homeowner age

No. 1: Salt Lake City 

  • Average homeowner age: 51.8
  • Average age (total population): 34.7
  • Median home value: $304,500
  • Median home-price growth (2009-2018): 45.3%
  • 2009-2018 wage growth (2009-2018): 9.8%

 

No. 2: Austin, Texas

  • Average homeowner age: 52.4
  • Average age (total population): 36.2
  • Median home value: $329,200
  • Median home-price growth (2009-2018): 75.0%
  • 2009-2018 wage growth (2009-2018): 33.2%


No. 3: Raleigh, N.C. 

  • Average homeowner age: 52.5
  • Average age (total population): 37.2
  • Median home value: $420,600
  • Median home-price growth (2009-2018): 40.7%
  • 2009-2018 wage growth (2009-2018): 28.1%

 

No. 4: Minneapolis 

  • Average homeowner age: 53.1
  • Average age (total population): 38.2
  • Median home value: $397,500
  • Median home-price growth (2009-2018): 12.6%
  • 2009-2018 wage growth (2009-2018): 7.4%

 

No. 5: Denver 

  • Average homeowner age: 53.2
  • Average age (total population): 37.8
  • Median home value: $238,800
  • Median home-price growth (2009-2018): 71.7%
  • 2009-2018 wage growth(2009-2018): 17.9%

 

Metros with the highest average homeowner age

No. 1: Miami

  • Average homeowner age: 58.7
  • Average age (total population): 41.2
  • Median home value: $298,800
  • Median home-price growth (2009-2018): 9.9%
  • 2009-2018 wage growth (2009-2018): 6.0%

 

No. 2: Tampa, Fla.

  • Average homeowner age: 58.3
  • Average age (total population): 41.9
  • Median home value: $210,000
  • Median home-price growth (2009-2018): 13.1%
  • 2009-2018 wage growth (2009-2018): 7.4%

 

No. 3: San Diego

  • Average homeowner age: 57.1
  • Average age (total population): 38.1
  • Median home value: $247,800
  • Median home-price growth (2009-2018): 17.4%
  • 2009-2018 wage growth (2009-2018): 7.2%

 

No. 4: Los Angeles 

  • Average homeowner age: 57.1
  • Average age (total population): 38.4
  • Median home value: $254,700
  • Median home-price growth (2009-2018): 17.2%
  • 2009-2018 wage growth (2009-2018): 2.7%

 

No. 5: New York 

  • Average homeowner age: 56.9
  • Average age (total population): 39.6
  • Median home value: $288,700
  • Median home-price growth (2009-2018): 2.1%
  • 2009-2018 wage growth (2009-2018): 6.8%

 

Methodology

All of the data used in this study comes from the 2018 American Community Survey with one-year estimates. 

For the purposes of this study, correlation coefficients between +/- 1 and  +/- 0.5 were considered statistically significant, with +/- 1 suggesting that there is either a perfect positive or negative correlation between two variables. Meanwhile, coefficients between  +/- 0.49 and +/- 0.11 were considered potentially significant and coefficients of +/- between 0.10 and zero were considered not significant. 

LendingTree research analyst Jacob Channel contributed to this report.

 

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