The average age of homeowners across the nation’s 50 largest metros is 55 years old and no metro studied has an average homeowner age of less than 50, according to a study from LendingTree.
LendingTree says the high average is due to the “numerous obstacles” facing younger homebuyers, such as lack of savings and poor credit.
Florida metros Miami and Tampa were home two the oldest homeowners. Homeowners in Miami have an average of 58.7 and Tampa is close behind, with an average age of 58.3.
The average age of Miami, as a whole, is 41.2 and the metro has a median-home value of $56,328. Home prices from 2009-2018 have grown 9.9%, but wages have risen 6% during that same timeframe.
Tampa’s average age is marginally older at 41.9-years-old and has a median-home value of $54,912. Home prices have appreciated by 13.1% from 2009-2018 while wages have grown 7.4% during that time.
Other markets with the highest average age are: San Diego, California; Los Angeles, California; New York, New York; Cleveland, Ohio; San Francisco, California; Pittsburgh, Pennsylvania; Providence, Rhode Island; and New Orleans, Louisiana.
Salt Lake City, Utah, was found to have the youngest average homeowners, with a median age of 51.8. The population of Salt Lake City has an average age of 34.7—the lowest of any metro studied.
Median-home values in Salt Lake City are $73,730 and prices have grown 45.3% from 2009-2018. Wages grew by 9.8% during the same timeframe.
Austin, Texas, has the second-youngest average homeowner age at 52.4-years-old. Austin’s population has an average age of 36.2. Home prices in Austin have increased by 75% from 2009-2018—the highest rate in the nation—and wages have grown 33.2%.
Additional markets with the youngest-average homeowners are Raleigh, North Carolina; Minneapolis, Minnesota; Denver, Colorado; Houston, Texas; Dallas, Texas; Nashville, Tennessee; Indianapolis, Indiana; and Atlanta, Georgia.
Pittsburgh was found to have the highest average age at 42.5-years-old. Three metros posted negative price gains from 2009-2018: Providence (-1.9%); Chicago, Illinois (-0.8%); and Hartford, Connecticut (-0.3%).