Another Top-10 List — Youngest Housing Stock in the U.S.

The last U.S. Census a decade ago found the median dwelling unit  across the country was 36 years old.    The following table shows the relative age of the U.S. housing based on the year built.    The data are from 2015, so the percentage built since 2014 is understated.  For the U.S. as a whole, less than 18 percent of the U.S. housing stock was built prior to 2000.    As usual, I invoke the TINSTAANREM axiom — There Is No Such Thing As A National Real Estate Market (or a National Economy).  The same is true regarding typical housing age across the country.   Some cities have a comparatively newer housing stock and others older.

A new modern housing stock is a leading indicator of how well and quickly a community is doing and growing.    Consider a young housing stock a quick visual verification of the economic robustness and health.

To identify the newer and faster growing markets  across the country, 24/7 Wall Street utilized data from multiple sources within the U.S. Census Bureau with data as of 2017 to look at the age of the housing stock.  They keyed on the percentage of housing that was built since 2000, restricting inclusion into the results by requiring a minimum population of 65,000.   Results included 26 cities in the U.S. with a minimum 65,000 population in which more than one-half of the housing stock was built since 2000.  The 10 cities with the greatest percentage of housing having been built since 2000 are shown in the table.

At the time of calculation, all but five of the 26 cities with more than one-half of their housing stock built since 2000 had a greater median home price than the U.S. as a whole.   That, however, is not surprising since these are some of the greater economic growth markets which in turn create the demand for housing.  Greater demand translates into increased price if supply fails to keep pace.

To view the complete list of the 26 cities where more than one-half of the housing stock was built since 2000 click https://www.usatoday.com/story/money/2019/07/01/cities-with-the-newest-homes/39620925/

Years ago I had a professor at Texas A&M University that was a renowned land economist.  He noted that when driving through the Midwest and South, when you spotted old German-style stone farm buildings, the region likely had excellent soil.  The German settlers located among the best farmland, and thus their finger-print architecture was an identifier of soil fertility.  The same is true in many of today’s communities with newer housing stock.

Ted

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