Homeowner demographics vary across the country’s largest metro areas. Younger and older generations tend to buy homes in different parts of the United States. While cities like Denver and Austin, Texas, attract a younger crowd, states like Florida and Arizona are top retirement spots for those 65+.
LendingTree conducted a study, using U.S. Census data, to determine the average homeowner ages in the country’s 50 most populous metropolitan areas. Some key findings from their research:
- The average homeowner age across the 50 largest metro areas is 55 years old.
- The two areas that have the oldest average age of homeowners are Miami and Tampa, approaching 60 years old.
- The metros with the youngest average homeowners are more spread out across the country, with an average age closer to 53 years old.
- As homeowners get older, home prices and incomes grow more slowly.
Let’s take a closer look at the top 5 youngest and oldest average homeowner metros:
Youngest
1. Salt Lake City
Average homeowner age: 51.8
Median home value: $304,500
Median home-price growth (2009–2018): 45.3%
Wage growth (2009–2018): 9.8%
2. Austin, Texas
Average homeowner age: 52.4
Median home value: $329,200
Median home-price growth (2009–2018): 75.0%
Wage growth (2009–2018): 33.2%
3. Raleigh, North Carolina
Average homeowner age: 52.5
Median home value: $420,600
Median home-price growth (2009–2018): 40.7%
Wage growth (2009–2018): 28.1%
4. Minneapolis
Average homeowner age: 53.1
Median home value: $397,500
Median home-price growth (2009–2018): 12.6%
Wage growth (2009–2018): 7.4%
5. Denver
Average homeowner age: 53.2
Median home value: $238,800
Median home-price growth (2009–2018): 71.7%
Wage growth (2009–2018): 17.9%
Oldest
1. Miami
Average homeowner age: 58.7
Median home value: $298,800
Median home-price growth (2009–2018): 9.9%
Wage growth (2009–2018): 6.0%
2. Tampa, Florida
Average homeowner age: 58.3
Median home value: $210,000
Median home-price growth (2009–2018): 13.1%
Wage growth (2009–2018): 7.4%
3. San Diego
Average homeowner age: 57.1
Median home value: $247,800
Median home-price growth (2009–2018): 17.4%
Wage growth (2009–2018): 7.2%
4. Los Angeles
Average homeowner age: 57.1
Median home value: $254,700
Median home-price growth (2009–2018): 17.2%
Wage growth (2009–2018): 2.7%
5. New York
Average homeowner age: 56.9
Median home value: $288,700
Median home-price growth (2009–2018): 2.1%
Wage growth (2009–2018): 6.8%
