Highlights. The average homeowner is 56 years old; homeowners have an all-time high median age of 57.
- Among new homeowners who have been in their homes for less than 3 years, the average age is 46 years; the median age is 42.
- 65- to 74-year-olds have the highest homeownership rate among all age groups at 79.5%.
- The median age among homeowners has increased by 21.3% since 2001.
- 56.9% of homeowners aged 30 to 34 have been in their homes for 3 years or less.
| Age Range (Years) | % of Homeowners | % of Age Group |
|---|---|---|
| Under 25 | 0.8% | 24.8% |
| 25 – 29 | 3.1% | 35.8% |
| 30 – 34 | 5.9% | 49.2% |
| 35 – 44 | 15.7% | 62.0% |
| 45 – 54 | 19.0% | 70.6% |
| 55 – 64 | 23.4% | 75.1% |
| 65 – 74 | 18.5% | 79.5% |
| 75+ | 13.6% | 79.1% |
Age Groups & Homeownership
Homeownership rates double between the ages of 25 and 29, and 70 and older are the most likely to be homeowners.
- The average homeowner is 56 years old.
- 23.4% of homeowners are between 55 and 64 years old.
- Homeowners between the ages of 55 and 64 live in their homes for an average of 17 years.
- 55- to 64-year-olds have a 75.1% homeownership rate.
- 65- to 74-year-olds have the highest homeownership rate among all age groups at 79.5%.
- 35- to 44-year-olds are 26.0% more likely to own their home than 30- to 34-year-olds.
- 30- to 34-year-olds are 37.4% more likely to own their home than 25- to 29-year-olds.
- 32.8% of homeowners aged 30 to 34 have a 4-year or bachelor’s degree.
- 29.1% of homeowners aged 35 to 44 have a bachelor’s degree.
- 27.7% of homeowners aged 45 to 54 have a bachelor’s degree.
- 35- to 44-year-old homeowners are the most highly educated, with 19.6% having earned a graduate or professional degree.
Historical Homeownership by Age
While homeownership has declined among all age groups, the degree of that decline gets more minor as the homeowners age.
- The age of the average homeowner increased by 10 years or 21.3% between 2001 and 2019 for an average annual increase of 1.18%.
- From 1985 to 2003, the median age among homeowners was 51 years.
- From 2005 to 2009, the median age was 52 years.
- In 2011, the median age was 54 years, increasing to 55 by 2013 and 56 by 2015.
- The share of homeowners aged 55 to 64 increased by 47.2% from 1993 to 2019, for an average annual increase of 1.8%.
- Homeowners aged 75 years and older increased by 28.3% for an average annual increase of 1.1%.
- Meanwhile, the rate of homeowners aged 65 and older increased by 2.5% for an average annual increase of 0.1%.
- Also, among homeowners during this period from quarter 1 of 1994 to quarter 2 of 2022, the rate of ownership among age groups declined:
- 5.9% for 45- to 54-year-old homeowners.
- 5.3% for 55-to-64-year-old homeowners.
- 3.9% for 35-to-44-year-olds.
| Age Range | Homeownership Rate Change 1993 – 2009 | Homeownership Rate Change 2009 – 2019 |
|---|---|---|
| Under 25 | +67.1% | -32.2% |
| 25 – 29 | +17.9% | -25.0% |
| 30 – 34 | +6.4% | -15.2% |
| 35 – 44 | +4.4% | -14.1% |
| 45 – 54 | -0.1% | -10.6% |
| 55 – 64 | +0.1% | -8.4% |
| 65 – 74 | +1.7% | -4.0% |
| 75+ | +7.1% | -1.2% |
| All Age Groups | +5.7% | -6.3% |
Analysis of Homeownership Among Age Groups
Generally, the longer a homeowner remains in their home, the more equity and protection they have. Though older homeowners haven’t necessarily remained in the same house for all their homeowning years, older age groups are more likely to have an average tenure that is longer than their younger counterparts. 14.2% of 65- to 74-year-old homeowners have lived in their homes for at least 40 years. These very long-term homeowners have had more opportunities to build equity than new homeowners. This extra financial protection may have saved many of them from losing their homes in the Great Recession.
Furthermore, younger potential homeowners have spent much of their adult lives in periods of economic uncertainty while the average worker’s earnings steadily lost value with inflation and reduced benefits. These financial struggles and more significant student loan debt may deter potential homeowners from buying. Even if they are eligible for a home loan, taking on more outstanding debt can be intimidating.
If consumers could choose, most would prefer to own a home or have the option available to them in the future. Over 75% of prospective homeowners of all ages have consistently indicated homeownership is part of their dream. However, younger generations are becoming increasingly disillusioned with the idea of homeownership. The percentage reporting homeownership as a goal declined from 80% in 2015 to 71% in 2018.
The last decade also saw an increased number of adults living with their parents. These individuals were usually not counted in studies as homeowners or renters. If this growing population segment had been included in surveys, homeownership rates in the United States might have been even lower.
Sources
- U.S. Census Bureau (Census), American Housing Survey Data Tables
- Census, American Housing Survey 2009 National Summary Report and Tables
- Census, American Housing Survey for the United States: 2001 (Current Housing Reports)
- Census, American Housing Survey for the United States in 1993: Current Housing Reports
- Census Data Tables
- Equity Inequality: The Differing Impact of the Boom and Bust on Millennial, Gen X, and Older Homeowners
- Negative Equity in the United States
- The Impact of the Tech Boom on Housing
- As Housing Trends Shift, So Does Renter, Buyer, and Seller Sentiment
- Homeownership Remains the American Dream, Despite Challenges
- Nearly Two-Thirds Say Affordability Factors are Holding Them Back From Homeownership
- Young adults in the U.S. are much more likely than 50 years ago to be living in a multigenerational household
