Remodeling market poised for growth
age of owner-occupied homes
the 1980s and earlier. The median age of owner-occupied homes climbed to 41 years in 2023, up from 31 years in 2005.
To kick off National Home Remodeling Month in May, which promotes the benefits of hiring a professional remodeler, the National Association of Home Builders has highlighted recent data from the American Community Survey that shows almost half of the owner-occupied homes in the U.S. were built before 1980 and have a median age of 41 years. The aging housing stock, combined with insufficient new home inventory, indicates the remodeling market is poised for future growth.
The U.S. owner-occupied housing stock has aged rapidly, particularly since the Great Recession, as ACS data analyzed by NAHB shows that around 48% of the housing stock dates back to
“The aging housing stock continues to drive remodeling projects as home owners are increasingly choosing to tap into their home equity and invest in improvements rather than relocate, creating long-term growth prospects for the industry,” said NAHB Remodelers Chair Nicole Goolsby Morrison, a remodeler from Raleigh, N.C. “In fact, NAHB is forecasting residential remodeling activity to post a 5% gain in 2025, and a nominal gain of 3% in 2026.”
From 2020 to 2023, new construction added nearly 2.6 million owner-occupied homes, accounting for only 3% of total owner-occupied housing stock. Relatively
n See REMODELING, page 3
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