Homeowners living in some of America’s oldest homes face a double burden as the housing stock continues to age.
From 2000 to 2024, the median age of US households increased slightly, rising from 30 years at the turn of the century to 43.
But in some places, the houses are very old.
Buffalo, NY, Pittsburgh, and New York City are the US cities with the oldest homes, at 66, 64, and 63 years old, respectively, according to Construction Coverage’s American Cities With the Oldest Homes study.
“Older townhouses and co-ops often come with charm, character, and prestige, but they also come with specific, and sometimes big, issues that buyers need to understand beforehand,” Michael Reisor, founder of the Reisor.Team at Compass in New York City, tells Realtor.com.
Reiser says many buyers go in thinking their budget will be spent on improvements with immediate and tangible benefits, such as refinished floors, new fixtures and finishes, or updated windows.
“But in many cases, the biggest costs are tied to the invisible and sometimes unexpected: electricity, plumbing, structural work, and other main systems,” he says. “Spending $200,000 or more on those things when the home looks the same later is not really fun.”
Converage Coverage senior researcher Jonathan Jones tells Realtor.com that “while older homes often offer unique character and a more affordable purchase price, buyers need to go in with their eyes open about long-term costs.
Our research shows a stark difference: Homes built before 1940 cost about 10 times more in annual general maintenance than new buildings, and are about 30 times more likely to be in satisfactory condition.”
Jones says upfront savings can be quickly offset by ongoing maintenance and the need for major upgrades.
He also notes that older buildings often face high energy bills due to low efficiency.
“There’s a common belief that building standards were higher in the past, and it’s actually a mixed bag,” Jones said. “While it’s true that they don’t ‘build like they used to’ when it comes to certain materials and historic properties, modern homes are built with much stricter engineering, safety, and efficiency codes.”
Why housing stock is aging
One of the reasons for the aging of the national housing stock is because the United States has been slow to increase its housing supply.
By 2025, new home construction is expected to slow down, widening the US housing supply gap by an estimated 4.03 million households, according to Realtor.com economists.
“In today’s challenging housing market, many buyers are turning to older homes due to the ongoing shortage of new construction,” Jones said. he says.
According to Jones’ research, the main factor behind this gap is the impact of the Great Recession, when many construction companies downsized or closed completely, resulting in years of insufficient construction.
This continued lack of investment has left much of the nation’s housing stock aged and dilapidated.
As a result, buyers are often faced with buildings that require significant maintenance, expensive upgrades, and high energy costs.
